Tamil Nadu Chief Minister C Joseph Vijay on Friday criticized the increase $3 per liter in petrol and diesel prices, describing it as “unacceptable”, and demanded its immediate cancellation, claiming that the review would affect different sectors of society.
He said that oil marketing companies are not lowering prices in line with global crude price trends and are “taking profits.”
“The Union government oil marketing companies have increased the prices of petrol and diesel by $3 per litre. “This is unacceptable,” Vijay said in a statement.
He added that the increase was implemented after the “five state elections” (four states and one federal territory).
The Prime Minister said that this rise in prices will greatly impact the income of the poor and middle class who use two-wheelers and small vehicles, as well as others who depend on vehicles for their livelihood.
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He added that this would ultimately lead to an increase in the prices of daily goods, and would also “affect the purchasing power of the poor.”
He pointed to the ripple effect of price adjustment, such as increased input costs for small units, and said this could lead to a “slowdown” in the market and exports.
“Therefore, I urge the Union government to immediately roll back the price hike that will impact the poor, middle class and MSMEs,” Vijay added.
Global crude oil prices have risen more than 50 percent since the US-Israeli strikes on Iran on February 28 and Tehran’s subsequent retaliation, which disrupted energy flows through the Strait of Hormuz, a major artery for global oil shipments.
Petrol and diesel prices have now reached their highest levels since May 2022.
