Government swallows bitter
It was never going to be easy A 10 per cent hike in petrol and diesel prices would hurt, and there was no way to sweeten it. It's a trade off between the country's long-term economic interests and the hit consumers take today.
That's the message Prime Minister Manmohan Singh sought to drive home as his inflation-weary government on Wednesday announced the steepest-ever increases (in absolute terms) in government-administered fuel prices.
The hike - Rs 3 per litre of diesel, Rs 5 per litre of petrol and Rs 50 per LPG cylinder - was unavoidable, and necessary to keep the country's oil marketing companies from going bank rupt. But coming as it does at a time when the nation is battling a sharp spike in inflation, the decision triggered widespread resentment among consumers across the country They will have to shell out more for travelling to work, running the kitchen and buying everything that needs a transport.
The Left parties promptly slammed the hike as "steep" and announced plans for a countrywide agitation for a week starting Thursday The main opposition party, the BJP, called it "economic terror".
To read the full article, click here...
To read the ePaper, visit: http://epaper.hindustantimes.com
That's the message Prime Minister Manmohan Singh sought to drive home as his inflation-weary government on Wednesday announced the steepest-ever increases (in absolute terms) in government-administered fuel prices.
The hike - Rs 3 per litre of diesel, Rs 5 per litre of petrol and Rs 50 per LPG cylinder - was unavoidable, and necessary to keep the country's oil marketing companies from going bank rupt. But coming as it does at a time when the nation is battling a sharp spike in inflation, the decision triggered widespread resentment among consumers across the country They will have to shell out more for travelling to work, running the kitchen and buying everything that needs a transport.
The Left parties promptly slammed the hike as "steep" and announced plans for a countrywide agitation for a week starting Thursday The main opposition party, the BJP, called it "economic terror".
To read the full article, click here...
To read the ePaper, visit: http://epaper.hindustantimes.com
Labels: BJP, central government, diesel prices, economic terror, going bank rupt, hikes, interest rates, investments, LPG, oil firms, petrol prices, UPA government
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12:26 PM
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