Planning Commission on Friday said the decision of oil marketing companies to raise petrol price by Rs. 3.14 per litre is a good news and will provide credibility to the economic reforms process.
"What has happened (fuel price hike)... on that front it is a good news. I regard that as a vindication...(and) an increase in credibility of basic part of the reforms strategy," Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
State-owned oil companies, including Indian Oil, Bharat Petroleum and Hindustan Petroleum, yesterday hiked petrol price citing impact of depreciating value of rupee against dollar on import of crude oil.
After the hike, petrol price increased to Rs. 66.84 per litre in Delhi. This is the second hike in four months. Oil companies had last increased petrol price by Rs. 5 per litre on May 15 this year.
On impact of fuel price hike on the automobile sector, Ahluwalia said, "I don't believe that fuel price hike is hurting investment sentiments... We are standing by the signal given by the government that fuel price (in India) will be aligned with global rates."
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