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CPM questions rationale behind price rise even as crude oil rates are low

CPM state secretary K Balakrishnan on Monday said that when the crude oil prices in the international market come down, the petrol and diesel prices are going up steeply in the country.

CPM questions rationale behind price rise even as crude oil rates are low
CPM members stage a protest over price hike of petrol, diesel and toll rates at Broadway on Monday

CHENNAI: “The high excise duty imposed by the union government on petrol and diesel has led to steep hike in its prices, which is having cascading effect on essential commodities prices,” Balakrishnan said, while addressing a protest against the fuel price hike here. “After elections to the five state assemblies, the oil companies have increased the price over nine times even as the crude oil prices are coming down in the international market. Oil is being procured at concessional rates from Russia.”

He added that the Modi government has collected Rs 26.50 lakh crore from fuel in the last eight years including Rs 4.51 lakh crore as excise duty last year. “We want all like-minded political parties to hold state-level protests against the price hike in petrol, diesel, domestic LPG, toll rates and medicines,” he stated.

Balakrishnan added that while people were being burdened with the price hike of essential commodities, the corporates were being given relief through waiver of bank loans.

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