A maturing market amid the mayhem
Should the petrol price hike be rolled back?
A petrol price hike always results in unhappy consumers, street protests and politicians trying to accuse the ruling government of being insensitive.
State-run oil marketing firms’ petrol price hike of 1.8 rupees per litre, the fourth such increase since March and the 10th since prices were decontrolled in June 2010, is another blow to the common man, already reeling under the pressure of rising food prices.
The move, as always, has sparked nationwide protests demanding a rollback. Mamata Banerjee has even threatened to quit the UPA coalition.
But, as prices were decontrolled last year, Manmohan Singh and Pranab Mukherjee were quick to clear their stance. Mukherjee reminded critics that petrol prices were decontrolled and the government had no say, while Singh said there was need for decontrolling more prices. IOC also ruled out any rollback.
The opposition has condemned the move. BJP leader Yashwant Sinha even dubbed yesterday’s petrol price hike and food inflation data of 12.21 percent a ‘Terrible Thursday’.
While the blame game continues, the price hike will pinch the common man. Do you think there will be any relief from soaring prices? Are you already making some alternate plans to save on expenses?