Rising fuel prices leave Amritsar traders dizzy: The Tribune India

Tribune press service

Amritsar, October 24

Traders, manufacturers and their representative organizations asserted that the cost of raw material inputs increased after the increase in the prices of fossil fuels and coal.

They believed that the high cost of raw materials had affected their business.

Punjab Pradesh President Beopar Mandal (PPBM) Piara Lal Seth and General Secretary Sameer Jain said the sudden rise in commodity prices ahead of the holiday season would likely result in losses and they would have to inject more working capital to support their activities. Due to the sharp increase in the prices of gasoline and diesel, transport tariffs have also increased and the cost of transporting goods has increased. Today the price of gasoline has risen to over Rs 109 per liter and that of diesel to over Rs 92 per liter, which has pushed up the price of all raw and finished products.

Sunil Mehra, another industrialist, said: “The Union government should reduce excise duties and VAT rates on gasoline and diesel to relieve the common man of inflation. The rates of raw materials such as steel, plastic granules, yarn, dyes and chemicals have increased by 15-20%, making it difficult for traders to pay for domestic orders and to l ‘export.

SK Wadhwa, a textile maker, said: “The production of most of the country’s raw materials is in the hands of companies like Reliance, which immediately raise prices to new rates when the price of raw materials rises. The government should formulate an effective policy for a sustainable supply of raw materials that are not registered on the commodity exchange and take effective measures to verify the control of companies over commodities in the country.

Local industrialist Ranjan Agarwal said that to increase competition in raw materials in the country, new manufacturers will need to be encouraged so that the arbitrariness of companies supplying existing raw materials can be verified. The government should relieve industry and commerce by reducing import duties and anti-dumping duties on low competition raw materials until raw material supply options increase.

About Natalee Broderick

Natalee Broderick

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