New Delhi, 15 May (H.S.): Confederation of All India Traders (CAIT) National General Secretary and Member of Parliament Praveen Khandelwal has termed the hike in petrol and diesel prices as a balanced step towards energy security and economic stability.

Although this decision will place some additional financial burden on consumers, it should be viewed in the context of prevailing global conditions and the country’s broader economic interests.

Khandelwal said that armed conflicts and geopolitical tensions in various parts of the world have triggered substantial volatility in the international crude‑oil market, leading to higher prices and supply‑related challenges. India meets a large share of its requirement through imports; therefore, fluctuations in the global market naturally affect the domestic fuel system. He added that an increase of up to ₹3 per litre in petrol and diesel prices appears to be a balanced, practical, and responsible decision, aimed at ensuring uninterrupted fuel availability in the country and maintaining economic stability amid global uncertainties. If fuel prices are artificially kept controlled for a prolonged period, it could place excessive strain on the government’s fiscal arrangements and on oil‑marketing companies, with wide‑ranging consequences for the economy.

Khandelwal stated that the central government has consistently tried to keep fuel prices balanced while protecting consumers’ interests and has periodically provided relief. In the current situation, a limited price increase is a necessary measure to sustain energy security. He acknowledged that the rise in fuel prices may impact transportation and logistics costs, but in the face of difficult global conditions, both citizens and the business community should support such decisions, keeping overarching national interests in mind.

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Hindusthan Samachar / Jun Sarkar