Strike On 5th July 2010 For Fuel Price Hike Announced By AIADMK Latest updates

National Wide Strike On 5th July 2010 For Fuel Price Hike Announced By AIADMK Chief Jayalalitha And Other Left Parties


Strike On 5th July 2010 For Fuel Price Hike Announced By AIADMK Chief Jayalalitha And Other Left Parties: On 5th July 2010 AIADMK calls for strike against the petrol,diesel and other fuel price hike.The AIADMK chief J.Jayalalithaa announced the strike on 5th July that will happen all over India.

The NDA’s call for a 12-hour ‘ Bharat Bandh ‘ came hours after the Left and non-BJP opposition parties called a 12-hour nation-wide strike on 5th July to protest the government’s decision to increase the prices of petroleum products.

Fuel prices are set to pinch the commoner’s pocket again as the government has decided to hike the prices of petrol, diesel, kerosene and LPG following a Empowered Group of Ministers (EGoM) meeting, headed by Finance Minister Pranab Mukherjee on Friday, June 25th, 2010.

In a historical move, the Indian government has liberated  the retail petroleum prices in the country. The prices, which had been administered by the government so as to provide fuel at a concessional rate to the users, will now by linked to the market price of the crude oil in the international market.

The decision, which means that fluctuations in international prices would directly reflect in the domestic market, was taken in a meeting of the empowered group of ministers (EGOM), headed by the Indian Finance Minister, Pranab Mukherjee in New Delhi.

The price hike will be done in a phased manner. India’s Oil Secretary will meet the leaders of the public sector oil companies to discuss the frequency of the hike.

As of now, the government has approved the increase in the price of petrol, diesel and LPG. Petrol price is now up by Rs 3.50 a litre, diesel by Rs 2 and LPG by Rs 35 per cylinder.

The EGoM meeting was held to review freeing up of petrol prices and cutting subsidies on diesel, kerosene and cooking gas that is believed to help the ailing fiscal situation of the Indian economy with projected fiscal deficit of over 5% of GDP for 2010-11.

Meanwhile, there is also a hike in domestic fuels like kerosene and LPG. The prices of kerosene, which had been untouched since 2002, have been raised by Rs.3 a litre, while the cost of an LPG cylinder would go up by Rs.35 per cylinder. The government currently gives a subsidy of Rs.262 per cylinder.

The hike in customs and excise duties virtually put the Kirit Parikh committee report on fuel pricing reforms in cold storage. The expert group had recommended freeing of petrol and diesel prices, which would mean a further increase of Rs 4.94 a litre in petrol price and Rs 3.20 per litre hike in diesel.

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