While expressing apprehension about the cascading impact of increase in petroleum prices in Delhi on trade and industry such as increased transportation costs for essential and non-essential items, Dr D K Aggarwal, President, PHD Chamber of Commerce and Industry said in a press statement issued here today that industry is already reeling under huge pressure due to daunting impact of pandemic COVID-19, so at this juncture increase in fuel prices will make goods and services dearer and thereby severely impacting the revival process of industry activities in the coming times.
Delhi Government has raised petrol prices by Rs 1.67 per litre and diesel prices by Rs 7.10 per litre today.
The increase in fuel prices will have trickle-down effect resulting in rising costs of transportation, building up inflationary pressures amid an environment where income generation is already impacted due to pandemic COVID-19, said Dr Aggarwal.
International crude oil prices have decelerated sharply during the last few months which have created enough room for cut in fuel prices at domestic front, said Dr Aggarwal.
Going ahead, synchronisation of international crude oil prices and domestic fuel prices must be focussed in this extremely difficult time to help industry to survive in this pandemic wave of COVID-19, said Dr Aggarwal.
We urge the State Government of Delhi to withdraw this decision so that prices are maintained at rational level amid extremely difficult economic environment, said Dr Aggarwal.