Opposition lambasts fuel price hike,commonman's budget shrinks

NetIndia123 today published the following story :
The hike in fuel prices by the government today drew flak from the Opposition parties as well as some allies of the United Progressive Alliance, even though the business community, the Oil Marketing Companies and some experts described the move as a reform which brooked no delay.
The Opposition lambasted the government for its 'anti-people stance' as it will fuel the fires of inflation further. In the same category was Railway Minister Mamata Banerjee who said the hit will be taken by the common man. In fact, Ms Banerjee did not attend the EGOM which decided on the price hike, expressing her annoyance by not doing so. The business community was satisfied that the government was finally moving towards a market driven economy and giving way to the administered price mechanism. The EGoM this morning raised the price of petrol by completely decontrolling it.
As a consequence of this the price of petrol will go up Rs 3.60 litre. While the EGoM decided in principle to deregulate the price of diesel, it decided to increase its price by Rs two a litre. Kerosene will be costlier by Rs three a litre and LPG will go up by Rs 35 a cylinder. The wrath of the Opposition is likely to manifest itself in the next session of Parliament, who refuse to see the logic of the government of preventing the OMCs from bleeding white. The shares of oil firms moved up and the Chief Economic Adviser Kaushik Basu said the deregulated mechanism is better as when international crude prices go down domestic retail prices too will move Southwards. In all this jungle of voices, Laxman's common man was lost for all he understood is that the move will dig a bigger hole in his pocket.
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In a similar reaction, CPI state unit secretary Dr Girish said the party would protest the move of the central government and stage demonstration on June 26 at all the district centers and divisional party offices.