Jaya flays increase in fuel prices

Chennai, Sep 1 (PTI) Slamming the latest increase in fuelprices, Tamil Nadu Chief Minister J Jayalalithaa today onceagain pressed for revising the price fixation mechanism forpetrol and diesel. "I have often pointed out that determining prices ofpetrol and diesel based on international fuel rates is notright," she said in a statement here, and sought rollback ofthe hike. "Such a price fixation mechanism paves the way for oilmarketing companies making profit," she said, adding, in thepast the government had not completely passed on the benefit offall in oil prices on consumers by revising excise duty. Opposing the latest hike, Jayalalithaa reiterated thatfuel prices should be based on factors such as cost of importedcrude and its refining. Effecting the latest revision citing global trends was"not right", she said. The hike will result in increase in prices of goods whichwill "severely impact" the poor and middle classes, she said.PTI SA BNDIPDK