CPI (M) Demands Rollback of Petrol, Diesel and Gas Price Hikes

The CPI (M) Politburo demanded a rollback of the hike in petrol, diesel and gas prices. On Friday, petrol and diesel prices were hiked by Rs 3 per litre and CNG by Rs 2 per kg. The Politburo said the decision would lead to an increase in the prices of all commodities. This would further burden the people reeling under the price hike. The Politburo said the oil marketing companies argued that their'realisations were falling'due to the increase in crude oil prices in the international market. These oil companies had earlier made huge profits. The public was not spared as the price of oil in the international market was low. The Politburo questioned the term'under-realisation '. It did not mean that the company was incurring losses. Rather, it meant that it was not being realised as per its own fixed targets. The Politburo said this was calculated from the difference between their income from oil sales and the income that would accrue if the price of oil were increased. When the price of oil in the international market was increased, the CNG's'liabilities'in general would increase.