“For months, I had been warning of an impending economic storm. But Modi Ji, true to form, was busy with elections at the time and the moment the elections ended, he hiked the prices of petrol and diesel by Rs 8,” the Leader of Opposition in the Lok Sabha said.
And, this upward trend will only continue, he added. “‘Mehangai manav’ Modi has just one job: promises during elections, and attacking people’s pockets at other times,” Gandhi said. With the latest revision, cumulative increases in petrol and diesel prices have nearly touched Rs 7.5 per litre since fuel price revisions resumed on May 15 after a prolonged freeze, stoking concerns over inflationary pressures and higher transportation costs across the economy.
The back-to-back increases follow a prolonged freeze in retail fuel prices and come amid elevated crude oil prices in the global market, tightening refining margins, and a weaker rupee, which have sharply raised the cost of imports.
Prices vary across states due to local taxes.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) together control 90 per cent of India’s fuel market.
The back-to-back increases come after global crude oil prices surged more than 50 per cent since late February following US-Israeli strikes on Iran and disruptions to shipments through the Strait of Hormuz, a critical global oil transit route.
The May 15 increase came after the ruling Bharatiya Janata Party (BJP) expanded its electoral footprint by winning three of five state and UT elections, including West Bengal. (AGENCIES)
