Chennai: Demanding immediate rollback of Saturday’s petrol price hike, Chief minister J. Jayalalithaa suggested that the centre initiate steps to explore new oil and gas fields and prevent depreciation of the rupee rather than resorting to frequent hikes in petroleum prices. She also urged a change in the oil price determination policy.
“With in 15 days of hiking the petrol prices by 75 paise per litre on June 1, Centre has now once again steeply increased the petrol prices by Rs 2 a litre citing devaluation of rupee, which amounts to betrayal of the poor” she said in a statement here on Sunday. Referring to union finance, and petroleum minister’s stand that falling value of rupee was a temporary phenomenon, Ms Jayalalithaa said that it was inappropriate for the Centre to increase the petrol prices citing depreciation of rupee.
Considering the welfare of the nation, the UPA government should take steps to change the pricing policy of petrol and diesel. “Instead of resorting to frequent hikes in petroleum prices, the Centre should take steps to explore new oil and gas fields and control the falling rupee, and prevent depreciation of the rupee (against the US Dollar),” the CM noted.
Observing that rupee value had been falling for the sixth consecutive week, she said if the Centre had acted upon to prevent it, the recent petrol price could have been avoided, which in turn would have helped nation’s economical growth to a certain extent too.
She also reiterated that increasing petrol prices would lead to further increase in the prices of essential commodities, depreciate the value of the rupee and erode the Indian economy. “The petrol price hike should be rolled back immediately.”