Why are petrol prices not decreasing, asks TMC’s Derek O’Brien

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| Photo Credit: Special arrangement

Trinamool Congress leader Derek O’Brien on Monday (September 16, 2024) questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices.

In a post on ‘X’, the Rajya Sabha MP said the crude oil prices have come down by around 24% in last ten years, but petrol price in India has gone up by 30%.

In August 2014, crude oil was priced $102 per barrel and petrol price was ₹73, while in August 2024, crude oil is at $78 per barrel, and yet petrol price is ₹95, he said.

“Why are petrol prices in India not decreasing despite a decline in global crude oil prices?” wrote O’Brien, TMC’s parliamentary party leader in the Rajya Sabha.

Also read:Data | Why petrol prices in India have remained unchanged despite falling crude oil costs

“In the last 10 years, crude oil price down by nearly 24%, but petrol price in India increased by 30%,” he said.

“Windfall profits of oil companies are not being passed on to consumers,” the TMC leader added.

Petrol, diesel prices in India were last revised ahead of the general election in March when it was reduced by ₹2, after being stagnant for about two years.

Last week, Ministry of Petroleum and Natural Gas Secretary Pankaj Jain, speaking to reporters on the side-lines of an event, had said oil companies will be taking appropriate decisions on reducing fuel prices if international oil prices were to stay low for an extended period.