Petroleum prices rising due to global factors: ASSOCHAM


Petroleum prices rising due to global factors: ASSOCHAM

The major factor for rising prices of petrol and diesel is the global macro situation, said industry body ASSOCHAM but expressed hope the tax burden would be brought down to some extent.

“It has been our stand that petrol and diesel should be brought under the Goods and Services Tax (GST). However, it may not be feasible at this point of time”, ASSOCHAM secretary general, Uday Kumar Varma, told PTI.

The major factor, at this point of time, for rising prices of petrol and diesel is the global macro situation, impacting the entire pack of Emerging Markets, with India being no exception, he said.

The US dollar, Varma said, has been appreciating against most currencies of the world, so the weakening of rupee against the dollar has to be seen in that context. Read More

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