When crude oil prices fell, why did petrol, diesel become more expensive: Kharge

New Delhi: Congress president Mallikarjun Kharge attacked the Modi government on Tuesday, May 26, over the rising fuel prices and asked why relief was not provided to people when crude oil prices fell during the last 12 years.

Kharge cited an official statement by the PIB to state that exactly 12 years ago today — on May 26, 2014 — when Prime Minister Narendra Modi assumed office, the price of crude oil in the Indian basket stood at USD 108.05 per barrel, and the Dollar-Rupee exchange rate was Rs 58.59.

At that time, petrol was available at Rs 71.51 per litre, and diesel at Rs 56.71 per liter, he said in his post in Hindi on X.

Today, the price of crude oil is below USD 99 per barrel; yet, the prices of petrol and diesel have surged to Rs 102.12 and Rs 95.20 per litre, respectively, Kharge said.

In other words, while crude oil has become cheaper, petrol has become approximately 42.8% more expensive, and diesel about 67.9% more expensive, he said.

“Every economist knows that the rising cost of petrol and diesel impacts every sector. From transportation to food commodities, the burden of inflation on the common man continues to intensify. Despite this, the government’s profiteering continues unabated,” Kharge said.

“The question is straightforward: When crude oil prices have fallen, why have petrol and diesel become more expensive?” he said.

Why is there no relief for the public, Kharge asked.

The Congress on Monday launched a scathing attack on Prime Minister Narendra Modi over the latest fuel hike, with Rahul Gandhi alleging that the “mehangai manav” has struck again and he has just one job of making promises during elections and attacking people’s pockets at other times.

Kharge also lashed out at the Modi government over the issue and asked who is benefitting from this “daily robbery”.

Petrol and diesel prices were raised by Rs 2.61-2.71 per litre on Monday, marking the fourth increase in less than two weeks as state-owned fuel retailers continued to pass on rising international oil prices to consumers.