Home/ News / India/  KTR slams Centre over high fuel prices, asks ‘Who is benefiting from hike?’

Telangana IT and Urban Development Minister KT Rama Rao (KTR) on 20 March hit out Prime Minister Narendra Modi government on skyrocketing fuel prices and questioned who is his government benefitting from the hike.

Comparing the crude oil prices and petrol prices in the country from 2014 and 2023, KTR said that there is stark difference in the pricing of crude oil, yet the price of petrol didn't decrease.

Expressing his displeasure, KTR took to Twitter and wrote, "Straight question to PM @narendramodi Ji on skyrocketing #FuelPrices May 2014: Crude per barrel was $107 Petrol - 71 per litre. March 2023: Crude oil per barrel is $65 Petrol - 110 per litre."

He added, “If Fuel prices had to be hiked when price of Crude oil went up, should they also not be brought down when prices drop? Who is benefiting from the hike?"

Apart from this, KTR also shared graphs of crude oil prices and the price gap.

ALSO READ: Why falling global oil prices won't lower petrol, diesel prices in India - Explanation

Meanwhile, a report by CNBC-TV18 quoted a government official as saying that that the recent fall in global fuel prices is a chance for companies to recover their accumulated losses, as constant domestic fuel prices amid rising prices of crude oil at the global level in past quarters resulted in huge losses to oil companies.

On the other hand, PTI citing a report, said the three fuel retailers, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), haven't revised petrol and diesel prices in line with the cost for the past 15 months till January this year.

According to details, the three companies also posted a net loss of 21,201.18 crore during April-September despite accounting for 22,000 crore announced but not paid LPG subsidy.

Global oil prices reached a 15-months low:

Earlier last week, following the market went haywire due to the fear of a banking crisis, the global oil prices reached their 15-month lowest level. Experts are hoping for persistent volatility in the global crude oil market, given the current market conditions.

Saurav Mukherjee
A business media enthusiast...believe to listen more, than just blabbering like others.
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Updated: 20 Mar 2023, 05:45 PM IST
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