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Petroleum prices rising due to global factors: ASSOCHAM

Hyderabad: 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.
With India being a large importer of crude oil, the currency depreciation does have an impact on the landed prices, he said. Besides, the crude, in any case, has been rising amidst a firm global sentiment.
“We, in the ASSOCHAM, are confident that the government and the Reserve Bank of India (RBI) are seized of the matter and are considering various options including the option of bringing down the tax burden to some extent,” he said.