JOIN USStating that the Centre had left the administration of fuel prices to private companies, resulting in heavy fluctuation of rates, BTTOA general secretary Radha Krishna Holla said the oil companies were cheating the public.
“From Wednesday morning, the BPCL (Bharat Petroleum Corporation Ltd) has increased the price of fuel by Rs 2.96, and from Thursday night, the IOC (Indian Oil Corporation) and the HPCL (Hindustan Petrol Corporation Ltd) follow suit. This is simply not plausible,” he said.
Centralised fuel rates
The Centre has to take the responsibility to make sure that the quotation of fuel rates is centralised and bring the system under the Goods and Service Tax throughout the country, he said.
The Federation of Karnataka Chamber of Commerce and Industry (FKCCI) said the increase in petrol prices will have a cascading effect, pushing up the prices not only of all essential commodities, but also transportation.
The FKCCI said Karnataka was the most taxed State in terms of petrol prices.
In order to mitigate the problems of the industry, the State government must consider fixing ad valorem on petrol and diesel in the State, so that the common man is not hit from both sides.