Kozhikode: The Malabar Chamber of Commerce on Saturday said that the Centre's decision to allow oil companies to hike diesel prices periodically would only result in all round price hike.
The decision will have a cascading effect on various sectors, resulting in all round price hike, Malabar Chamber of Commerce said in a press release here.
Instead of hiking the diesel prices, steps should have been taken to pressurise oil companies to reduce their expenses, it said.
As a result of the hike in diesel prices, there will be all round effect on all sectors, it said.
Malabar Chamber of Commerce President Alok Kumar Sabu had sent a memorandum to the Prime minister and Union petroleum minister to re-consider the decision, the release said.