‘Unacceptable’, says Tamil Nadu CM Vijay on fuel price hike, demands immediate rollback

Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's subsequent retaliation.

Tamil Nadu Chief Minister C Joseph Vijay on Friday slammed the increase of ₹3 per litre in petrol and diesel prices, calling it "unacceptable", and demanded its immediate rollback, claiming the revision would affect various sections of society.

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He said oil marketing companies do not reduce prices in line with global crude price trends and "take the profits".

"Union government oil marketing companies have increased the price of petrol and diesel by ₹3 per litre. This is not acceptable," Vijay said in a statement.

The hike has been effected after the "five-state polls" (four states and one union territory), he added.

This price rise will largely affect the income of the poor and middle class using two-wheelers and small vehicles, as well as others dependent on vehicles for their livelihood, the CM said.

It will ultimately result in an increase in the prices of daily commodities and also "affect the purchasing power of the poor," he added.

Citing the chain effect of the price revision, such as increased input costs for small units, he said it could lead to a "slowdown" in the market and exports.

"Therefore, I urge the union government to immediately roll back the price hike that will affect the poor and middle-class people and SMEs," Vijay added.

Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's subsequent retaliation, which disrupted energy flows through the Strait of Hormuz, a key artery for global oil shipments.

Petrol and diesel prices are now at their highest level since May 2022.