CPI-M threatens nation-wide protest against diesel price hike

Kolkata/Kochi, Sep 14 (ANI): Communist Party of India-Marxist ( CPI-M) General Secretary Prakash Karat on Friday said that his party in coordination with other parties would organise a nation-wide protest to rollback the diesel price hike.

"Both the diesel price hike and the LPG cylinder restriction is going to hit the people in a bad way. Our party has strongly protested. We are going to discuss with all other political parties on how to organise the powerful movement," Karat told media here.

"We strongly oppose this decision. We demand that the government roll backs the price increase," he added.

Meanwhile, Chairman and Managing Director of Bharat Petroleum Corporation Limited, R K Singh, welcomed the move and said that it was long overdue.

"It is inevitable. This should have been increased long back and increase is not very high. We are losing about Rs.17-18 per litre and the increase is only five rupees. So, in my view, this was long overdue and little dose of increase is a welcome sign," he told media in Kochi.

The Government has increased the price of diesel by five rupees per litre. However, there has been no increase in prices of petrol and PDS kerosene.

The Cabinet Committee on Political Affairs ( CCPA ), in its meeting chaired by the Prime Minister Dr. Manmohan Singh yesterday also decided to restrict the supply of subsidized LPG cylinders to each consumer to six per year. The new prices came into effect from last midnight.

The revised Retail Selling Price of Diesel in Delhi is approximately 47 rupees per litre, however, branded Diesel will be sold at the market rate.

An official release said that the subsidized cylinders will continue to be available at 399 rupees per cylinder in Delhi. The market rate of LPG cylinders at non-subsidized rates will be notified by Oil Marketing Companies, on a monthly basis.

The above decisions will reduce the under-recovery of companies by about 20,300 crore rupees. The under-recovery for 2012-13 will be about 1,67,000 crore rupees. (ANI)