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Today Date : Sunday, July 21, 2024

Oil price hike: People’s  expectations never happens!

Oil price hike: People’s expectations never happens!

If the price of crude oil decreases in the international market, there is an expectation that the price of petrol and diesel will decrease.Crude oil prices fell to $76.82 a barrel from $129 in March. Crude fell to $71.59 a barrel on the New York oil market.Oil companies fix the price of petrol, diesel and gas in India based on the international market price. Due to the fall in the price of crude oil in the international market, there has been a demand to reduce the price of petrol and diesel.

Crude fell $53 to $76 from this year's high of $129. $76 a barrel of Brent crude is the lowest price of the year.
However, the Union government is not ready to reduce the prices of petrol and diesel. Opposition parties raised this issue in Parliament yesterday. Opposition parties demanded that the price of petrol and diesel should be reduced in line with the fall in crude oil prices.

Responding to the question of the opposition party members, Petroleum Minister Hardeep Singh Puri said that in the last 8 years in India, fuel prices have been increased only to a very low extent. There is no way to reduce. The central government has reduced the tax on petrol and diesel twice in November 2021 and May 2022. Petrol-Diesel prices are low in India. In spite of requests to state governments to reduce VAT to control fuel prices, states other than BJP-ruled states have not reduced the tax, he said.

Members of opposition parties including Congress and DMK walked out of the Lok Sabha saying that the Union Minister's explanation about the increase in petrol and diesel prices was not satisfactory.
The reasonable demand of the opposition parties is to reduce the price of petrol and diesel as the price of crude oil has fallen in the international market. Based on this, it is the duty of the Union Government to take steps to reduce the price. But blaming the states ruled by opposition parties without talking about it is diverting. 

Petrol and diesel prices should rise and fall depending on international prices. The union government has been increasing the prices in the past by pointing this out. But it is not fair for the Union Government to act like bald heads and knee knots without considering this now.Therefore, we should come forward to reduce the price of petrol, diesel and gas. That is the expectation of the people of the country. Will this happen?