The Confederation of All India Traders (CAIT) welcomed the recent Rs 3 per litre increase in petrol and diesel prices, considering it a prudent move to ensure a steady fuel supply and economic stability amidst global uncertainties. CAIT Secretary General and BJP MP Praveen Khandelwal emphasized that the decision was necessary due to ongoing geopolitical tensions affecting global crude oil markets. He highlighted the impact of wars and conflicts worldwide on crude supply chains, leading to price hikes and market volatility.
Khandelwal pointed out that as India heavily relies on imported crude oil, fluctuations in international prices directly affect the domestic fuel market. He viewed the Rs 3 per litre hike as a strategic measure to maintain fuel availability and economic stability during turbulent global conditions. The Secretary General cautioned against artificially controlling fuel prices for extended periods, which could strain public finances and oil companies, potentially harming the overall economy.
Moreover, Khandelwal noted the government’s efforts to balance fuel prices and provide relief to consumers when feasible. He stressed that the modest price adjustment was crucial for ensuring the nation’s energy security and economic well-being. While acknowledging the potential impact on transportation and logistics costs, CAIT urged citizens and businesses to support decisions made in the national interest during challenging times. Khandelwal emphasized the significance of India’s economic resilience and energy stability, suggesting that temporary adjustments would enhance the country’s ability to confront global challenges effectively.
