The Hindu : Tamil Nadu / Coimbatore News : Independent body sought for fixing fuel price

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Tuesday, Jun 28, 2011
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Tamil Nadu

Tamil Nadu - Coimbatore

Independent body sought for fixing fuel price

Staff Reporter

COIMBATORE: The Coimbatore Consumer Cause (CCC) has demanded creation of an independent body to fix price of fuel.

In a release, K. Kathirmathiyon, secretary of CCC, said that there was no transparency in fixation of price of petrol by the oil marketing companies. There should be an independent body for fixation of petrol price based on the international market rate of crude oil.

Advance tax

He had argued that the oil marketing companies had never been in loss and said he failed to understand how they paid huge advance tax when they were making loss.

He said that the Central and State governments imposed heavy excise duty, levy and other taxes on petroleum products, which along with the profit of oil companies hurt the common man and had no relevance to the international prices.

Until a few years ago, the Union Government increased the price of fuel only through an announcement in the Union Budget. And that too the hike was marginal. After decontrol, the Government had increased the price of petroleum products by 10 times.

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