The Chamber of Trade and Industry (CTI) has asked oil companies to immediately pass on the benefit of a 30 per cent decline in crude oil prices to consumers by reducing petrol and diesel prices.
Welcoming the ceasefire agreement between Iran and the US and the subsequent decision to reopen the Strait of Hormuz, CTI Chairman Brijesh Goyal said that the move will provide massive economic relief to Indian traders and small and medium enterprises.
Further, Goyal appealed to the Centre and Prime Minister Narendra Modi to play a diplomatic role to ensure the ceasefire becomes permanent, saying it would help prevent crises such as disruptions in the Strait of Hormuz from recurring.
The reduction in raw material costs and “excessive” fuel prices is essential for the post-conflict recovery of the MSME sector, he said.
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“The three-month-long conflict had placed a severe financial burden on the Indian economy. Crude is down to USD 83 per barrel; it is a huge relief for Delhi’s 6.5 million traders and the MSME sector,” Goyal said.
