Petrol, diesel prices regulated by election dates, not by global rates: Cong

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Petrol, diesel prices regulated by election dates, not by global rates: Cong

New Delhi: The Congress on Sunday alleged that petrol and diesel prices were regulated by the election dates and not due to the global rates.

Addressing a press conference, party spokesperson Gaurav Vallabh alleged that retail inflation, GDP growth, and a depreciating rupee are some of the examples that paint a concerning picture of how the economy was being managed.

He alleged that the BJP government was creating new lows with more data points released by its own government. The middle and lower-income groups suffer the most due to the callousness and incompetence of the government.

“Retail inflation has been above RBI’s upper band of 6 per cent for the last seven months. Commodities such as food, vegetables, and fuel hurt the middle and lower-income groups most. The government has been primarily the most inconsiderate towards the fuel prices. Since they have a cascading effect across all economic activities, the government’s inactions speak of its cluelessness and misguided focus,” he said.

The party leader said the prices of crude oil have been consistently on a downward spiral for the last few months and are at a seven-month low.

“But the prices of petrol and diesel in our country don’t seem to reflect this trend, even after deregulation, which means that the prices of petrol and diesel should change as per the global prices.”

As per the Petroleum Planning & Analysis Cell (PPAC, Government of India), Crude Oil Indian Basket as on September 8 was USD 88.00 per bbl.

On May 21, the government announced a cut in excise duty on petrol and diesel by Rs 8 and Rs 6 a litre, respectively, leading to a reduction of petrol rates by Rs 9.5 per litre and diesel by Rs 7 per litre

“After elections in Uttar Pradesh, Punjab, Uttarakhand, Goa and Manipur, the petrol and diesel prices were increased 9 times in 10 days between March 20 and March 31,” Vallabh said.

 


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