New Delhi: The Congress on Monday accused the government of "profiteering" from the reduced price of crude and not adequately passing on the benefit to the common man. Congress spokesperson R.P.N. Singh said here that international crude was selling at record low prices following lifting of sanctions on Iran but "the government continues to profiteer by fleecing the ordinary Indian”.
He said that the international crude oil price of Indian basket as published on Monday by Petroleum Planning and Analysis Cell (PPAC) was $26.40 per barrel, and prices have come down by 76 percent since the Narendra Modi government came to office on May 26, 2014. “The price of crude was $108.05 on May 26, 2014, while the price of international crude was $26.40 on January 14, 2016. The price of diesel on the day was Rs.56.71 per litre and price of petrol was Rs.71.41 per litre,” Singh said, adding the present price of diesel in Delhi was Rs.44.18 per litre and that of petrol Rs.59.03 per litre. Noting the that the price of diesel has come down by 22 percent only and that of petrol by 17.3 percent, he contended that since the prices of international crude have come down by 76 percent, the price of petrol and diesel should have also come down proportionately. He said the government has already made a profit of Rs.2 lakh crore by reduced prices of crude. "One wonders when will its thirst for profits end and when will the common farmer and citizen will benefit from the low prices of international crude?" he asked.