Cut oil prices, demands Congress

New Delhi, March 11 (SocialNews.XYZ) The Congress has slammed the government on the petroleum prices in the country, demanding that "Modi-Shah government must pass on the benefit of low crude rates to consumers and immediately reduce petrol-diesel-LPG prices."

"Bring back petrol, diesel, LPG gas prices to the level of November 2004 when crude was $38.9 per barrel. A paltry relief of Rs 2.69 and Rs 2.33 per litre on petrol & diesel is insignificant," said party leader Randeep Surjewala.

"International crude oil prices are an all-time low in the last 15 years, down to $35-38 per barrel. Yet petrol and diesel prices are skyrocketing even as common man, the middle class, the farmers, transporters and small & medium businesses are suffering," said Surjewala.

The Congress said in dollar terms, the international crude oil prices are down to the level of 2004 November, when petrol, diesel and LPG were available at Rs 37.84, Rs 26.28 and Rs 281.60 per cylinder respectively, which were quite cheap in comparison to the present rates.

The party alleged that for the last six years, the government and oil marketing companies have been making huge windfall gains amounting to lakhs of crores per year. "The BJP government has looted more than Rs 16 lakh crore in the last five years by charging exorbitant taxes on petrol-diesel," alleged Surjewala.

"The Modi-Shah government has looted the people by increasing excise duties and huge taxes on petroleum products and have not brought this under the GST despite consistent demand of the Congress," said Surjewala
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The Congress came out with figures claiming that the price of Indian crude basket was Rs 6,318.76 per barrel on May 26, 2014 (when Modi government took over), which has today reduced now to a mere Rs 2,799.38 per barrel as the crude is $37.85 per barrel and the currency exchange rate is Rs 73.96 per dollar.

"This means that there has been a drop in crude oil prices by as much as Rs 3,519.38 per barrel i.e. 55.69 per cent! Petrol, diesel and LPG were being sold at Rs 71.41/litre, Rs 56.71/litre and Rs 412 per cylinder respectively when the BJP assumed office in May 2014. If benefits of lower crude rates are given to consumers, the petrol and diesel can be brought down to Rs 39.76 and Rs 31.58 per litre," said Surjewala.

"The common man is being charged Rs 30.53 per litre extra for petrol and Rs 31.43 per litre extra for diesel. Whenever the prices of crude oil had increased, the BJP government has increased the rates. So, when the rates of international crude oil are at an all-time low, the benefits should accrue to the common man in the same ratio," Surjewala said.

Source: IANS