Congress spokesperson Gourav Vallabh. File photo
| Photo Credit: Moorthy R V
Attacking the government over prices of petrol and diesel, the Congress on Wednesday asked why the Narendra Modi government has not passed on the benefit of reduction in international crude oil prices to consumers.
Addressing a press conference, Congress spokesperson Gourav Vallabh also asked besides the public sector refineries, which private refineries benefited from cheaper Russian crude oil and at what price.
Quoting data provided by the Ministry of Petroleum and Natural Gas, he said crude oil price (Indian Basket) in May 2022 was $109.5 per barrel and by March 20, 2023, it has come down to $70.69 per barrel. In Rupee terms, he claimed the country was getting crude oil at about ₹53.4 per litre in May 2022, which got reduced to about ₹36.6 per litre as on March 20, 2023.
“In the last 305 days in the international market [May 21, 2022 to date], crude oil prices [Indian Basket] reduced by ₹16.7 per litre. Even if the same benefit got transferred to consumers, without any reduction of excise duty, the price of both petrol and diesel would come down by ₹16.7 per litre,” Mr. Vallabh said.
“In the last 305 days, crude oil prices were reduced by ₹16.7 per litre, why is the same benefit not transferred to final consumers? Why do dynamic fuel prices work only in one direction — increasing prices when crude oil prices in international market rise?” he asked.
The Congress spokesperson claimed other than public sector refineries nearly three-quarters of cheap Russian oil is purchased by private refiners as per various reports. “Which all private refiners got cheaper Russian crude, and at what price?” he asked.
