The micro, small and medium enterprises (MSME) industry has expressed concern about the continuous rise of fuel prices in the country when oil prices have come down steeply in the global market.
“The industry is particularly hit as a large number are dependent on captive power using diesel where prices have steeply gone up. These add to the cost of production at a time when the industry is passing through an extremely difficult phase,” R. Raju, president, KASSIA, said, in a release. He said price rise was largely due to the incidence of tax, both excise and State taxes, which are kept unfairly high and need to be suitably reduced.
He asked the Union and State governments to consider effecting suitable reduction in petrol and diesel price so that the negative impact of high fuel price on the industry is removed in the interest of the economy.
