Congress Questions Modi Government on Fuel Price Hikes Despite Lower Crude Rates

In a pointed critique of the Narendra Modi government’s handling of fuel prices, Congress President Mallikarjun Kharge raised questions regarding the rising costs of petrol and diesel in India, despite a noticeable decline in global crude oil prices. On Tuesday, Kharge took to social media, presenting data that highlighted a stark contrast between crude oil rates now and those observed when Modi assumed office 12 years ago.

According to the figures cited by Kharge, the price of crude oil on May 26, 2014—the day Modi was sworn in as Prime Minister—was approximately $108 per barrel. During that period, petrol and diesel were priced at Rs 71.5 and Rs 56.7 per litre, respectively. Fast forward to today, and the price per barrel of crude oil has dropped to below $99, yet consumers are faced with a hefty price tag of Rs 102.12 for petrol and Rs 95.20 for diesel.

Kharge emphasized that this translates to an increase of nearly 42.8% for petrol and a staggering 67.9% for diesel since Modi took office, despite lower crude prices. He also pointed out the devaluation of the Indian rupee during this time, highlighting that in 2014, the rupee was valued at 58.5 against the US dollar, whereas it now stands at 95.6 to a dollar. This shift in currency value, according to Kharge, exacerbates the financial burden on the average citizen.

Echoing concerns shared by many economists, Kharge warned that spikes in fuel prices have a cascading effect on the economy, impacting everything from transportation costs to food prices. He argued that the rising inflation in fuel prices ultimately puts additional strain on the common man, intensifying the cost of living across the board. This issue is not just about fuel; it touches every aspect of daily life in India.

The Congress party’s criticism comes at a time when the government has been under scrutiny for its economic policies, particularly in the wake of increasing public discontent over the cost of living. As citizens grapple with rising expenses, the call for accountability from the government is likely to resonate with many who are seeking relief from high fuel prices.

Source: scroll.in