CHENNAI: Terming the latest fuel price hike as unacceptable, Tamil Nadu Chief Minister J Jayalalithaa today said it would lead to increase in the price of essential commodities and demanded its roll back.
In a statement here, she said the increase in the prices of petrol and diesel by Rs 2.19 and 98 paise per litre respectively since yesterday was an outcome of a wrong fuel pricing mechanism.
"As I have told many times in the past, it is unjustifiable that the fuel prices are fixed based upon the fluctuation of Indian currency against US Dollar," she said.
Hitting out at the Centre for increasing the excise duty on petrol from November 2014 by Rs 11.77 and Rs 13.57 in diesel till date, she said, "The current increase in fuel price is not acceptable."
"There may be fluctuation in the market when foreign companies take back Indian investments and private companies pay foreign loans in US dollar terms. For controlling the fluctuation, the setting up of a separate body or a fund, will be an apt solution," she said.
"Due to increase in fuel prices, prices of essential commodities and cargo will rise. It will affect the livelihood of the downtrodden. I urge roll back of fuel price increase by oil marketing companies," she said.