The Congress party on Tuesday escalated its attack on Prime Minister Narendra Modi's government after petrol and diesel prices were increased by approximately 90 paise per litre. This marks the second fuel price hike in less than a week, following the end of a nearly four-year freeze by state-run oil companies.
Congress's Reaction on Social Media
In a post on its official X account, the Congress party stated, "The 'Inflation Man' Modi's whip has lashed out at the public again. Petrol and diesel have been hiked by 90 paise." The post further warned, "This is just the beginning. The Inflation Man will extract even more now, because the elections are over." The party also claimed, "Modi has jacked up prices by 4 rupees in the last 4 days. With this increase, petrol in the country has reached 109 rupees and diesel 96 rupees."
Details of the Price Hike
The latest increase pushed petrol prices in New Delhi to Rs 98.64 per litre from Rs 97.77, while diesel rates climbed to Rs 91.58 from Rs 90.67, according to PTI sources. This follows a hike of Rs 3 per litre on Friday, the first revision in over four years, amid rising global crude oil prices due to the ongoing Iran conflict and disruptions around the Strait of Hormuz. Fuel rates continue to vary across states because of differences in value-added tax (VAT). In Mumbai, petrol now costs Rs 107.59 per litre and diesel Rs 94.08. In Kolkata, petrol prices rose to Rs 109.70 and diesel to Rs 96.07 per litre, while in Chennai, petrol is priced at Rs 104.49 per litre and diesel at Rs 96.11.
CNG Prices Also Rise
Compressed Natural Gas (CNG) prices have also seen multiple hikes this month. On May 15, CNG prices were raised by Rs 2 per kg in cities including Delhi and Mumbai, followed by an additional increase of Re 1 per kg on Sunday.
Global Crude Oil Trends
Global crude oil prices have surged more than 50 per cent since US-Israeli strikes on Iran on February 28 and Tehran's retaliation disrupted shipping flows through the Strait of Hormuz, one of the world's most crucial oil transit routes. Despite the sharp rise in crude prices, retail fuel rates in India had remained frozen for months. The government had earlier stated that the freeze was aimed at shielding consumers from global energy shocks.
Government's Response
On Monday, Union petroleum and natural gas minister Hardeep Singh Puri said India successfully averted any shortage of crude oil, LPG and pipeline natural gas despite two major global conflicts disrupting international energy markets over the past four years. Addressing media after attending a DISHA committee meeting in Varanasi, Puri said, "Today, the war in West Asia is nearing 80 days. Earlier, the Russia-Ukraine war began in Feb 2022. These are two major wars within four years, and both created massive disruptions in the global energy sector."
Opposition Allegations
Opposition parties alleged that fuel prices were deliberately kept unchanged until elections in key states concluded. Following Tuesday's revision, petrol and diesel prices have reached their highest levels since May 2022. Fuel prices had largely remained unchanged since April 2022, except for a one-time reduction of Rs 2 per litre on petrol and diesel announced in March 2024 ahead of the Lok Sabha elections.
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