"The hike was unavoidable and the quantum increase is reasonable in the light of the huge losses suffered by the oil marketing companies," Onkar S Kanwar president, FICCI said.
Stating that the increase might have a cascading effect on sectors like agriculture and transportation industry, PHDCCI president K N Memani said it might have repercussions on the competitiveness of India's industry in general and the economy in particular.
Petrol price to go up by Rs 3 per litre
He, however, noted that some hike in the prices of petrol and diesel was warranted in account of the mounting losses of oil companies and the exchequer due to spiraling international oil prices.
The presidents of the two chambers also suggested promoting energy conservation, developing alternative energy sources as a long term strategy and setting up strategic petroleum reserves and geographical diversification of oil imports.
Memani has also suggested formulating a suitable policy to ensure stability of energy prices in the country. "This would go a long way in ensuring efficiency of resources and enhance our competitive advantage".