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CITU demands further cut in petroleum prices

Bangalore: The Centre of Indian Trade Unions has said the magnitude of the reduction in the prices of petrol and diesel announced on Friday does not reflect the extent to which international crude oil prices have fallen in recent weeks. Crude oil prices have fallen by more than 70 per cent since June 2008, it has pointed out.

In a release issued on Saturday, CITU president M.K. Pandhe claimed that current crude prices of $44 imply that imported crude costs only Rs.14 a litre in India. “The under-recoveries of oil marketing companies are only notional” and that taxes and duties comprise a “major” portion of the final price paid by consumers.

Dr. Pandhe demanded that the government provide a “cost break-up of each petroleum product.”

He also urged that the price of cooking gas be reduced by Rs.50 a cylinder, taking prices back to the level prevailing before the last hike in June 2008.

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