Fuel Price Hike Necessary For Energy Security: CAIT Secretary General

New Delhi, May 16 (KNN) Delhi-based Confederation of All India Traders (CAIT) has termed the recent increase in petrol and diesel prices a balanced decision aimed at protecting India’s energy security and economic stability amid global uncertainty.

Fuel Hike Seen In Context Of Global Crude Volatility

Reacting to the fuel price hike, CAIT Secretary General Praveen Khandelwal said the move may place some additional burden on consumers but should be viewed in the context of ongoing global conflicts and geopolitical tensions that have disrupted crude oil markets and triggered price volatility.

He noted that India imports a significant share of its crude oil requirements, making domestic fuel prices vulnerable to fluctuations in international markets.

Rs 3 Per Litre Hike Called “Measured Step”

The Rs 3 per litre increase in petrol and diesel prices appears to be a measured and responsible step to ensure uninterrupted fuel supply and maintain economic stability during a period of global uncertainty, he said.

Khandelwal added that artificially suppressing fuel prices for a prolonged period could put excessive pressure on public finances and oil marketing companies, potentially affecting the broader economy.

He said the government has consistently tried to shield consumers by maintaining balanced fuel prices and offering relief whenever possible, but under current circumstances, a limited increase is both necessary and understandable.

Call For Public Support On Policy Decisions 

While acknowledging that higher fuel prices may raise transportation and logistics costs, he urged citizens and businesses to support decisions taken in the broader national interest.

“India’s economic resilience and energy stability are of utmost importance. Temporary adjustments made with a long-term vision will strengthen the country’s ability to navigate global challenges with confidence,” he said.

(KNN Bureau)