By IANS
Mumbai : Venugopal N. Dhoot, president of the Associated Chambers of Commerce and Industry of India (Assocham) Thursday welcomed the government’s decision to hike petrol and diesel prices by Rs.2 and Re.1 a litre.
Describing it as a sensible decision, Dhoot said it would take the financial pressure off the marketing companies to some extent.
In a statement here, Dhoot said this should have been done long back as losses of oil marketing companies have already mounted.
However, he expressed satisfaction over the “sensible decision” taken at a time as crude oil prices were increasing internationally.
Dhoot further said that issuance of oil bonds was not a viable solution as it enhanced the government’s fiscal liabilities towards the public and would shift the burden to future generations.
Therefore, the right decision was to hike the prices of petrol and diesel, he added.