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Diesel Price Hike is Penny Wise, Pound Foolish: Jaya

Demanding immediate roll back of yet another hike in diesel price, Chief Minister J Jayalalithaa on Friday said the frequent hikes in oil prices by the Congress-led UPA government has shown that it has been adopting the policy of ‘penny wise and pound foolish’.

Published: 01st February 2014 07:55 AM  |   Last Updated: 01st February 2014 07:55 AM   |  A+A-

Jayalalithaa

Demanding immediate roll back of yet another hike in diesel price, Chief Minister J Jayalalithaa on Friday said the frequent hikes in oil prices by the Congress-led UPA government has shown that it has been adopting the policy of ‘penny wise and pound foolish’.

Strongly condemning the hike, the Chief Minister, in a statement here, said the UPA government ought to have taken measures like recovering the black money from India stashed in foreign countries, the huge losses incurred in the 2G scam, coal scam and Commonwealth sports scam to put the country’s economy back on its rail. 

However, the Central government was moving in the reverse gear by hiking the prices of petroleum products like petrol, diesel and cooking gas citing the fall in the value of rupee against US dollar.  “This would only accelerate the pace of the vicious cycle called inflation. In a nutshell, the UPA government proves that it is pennywise and pound foolish”, she added.

The prices of petroleum products have been hiked for the sixth time within two months, Jayalalithaa said and wondered whether the country was a under a monarchy or under democratic rule.

Stating that the diesel price hike would have cascading impact on the prices of all essential commodities, the Chief Minister urged the Centre to withdraw the powers given to the oil companies to revise the oil prices frequently.

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