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Why govt not passing benefit of reduced oil prices to consumers, asks Congress

"Prices of crude oil have fallen to unexpected levels in the world, yet why is petrol in our country sold at Rs 69, diesel at Rs 62. It is good that prices have fallen in this disaster. When will this government listen," Rahul Gandhi tweeted.

By: Express Web Desk | New Delhi | Updated: April 21, 2020 11:49:50 pm
Oil prices India, Global oil market crash, Oil prices Rahul Gandhi, Rahul Gandhi on Oil market crash, Congress Oil prices in India Congress leader Rahul Gandhi.

As crude oil prices plunge to a record low, Congress leader Rahul Gandhi Tuesday asked the government why it was not reducing the prices of petrol and diesel in the country.

“Prices of crude oil have fallen to unexpected levels in the world, yet why is petrol in our country sold at Rs 69, diesel at Rs 62. It is good that prices have fallen in this disaster. When will this government listen,” Gandhi said in a tweet.

 

Similar views were also voiced by other party leaders. Congress chief spokesperson Randeep Surjewala said oil prices have fallen below USD 0, yet this government is silent and not reducing the prices of petrol and diesel.

“WTI Crude Oil price plunges below USD 0 per barrel! We, the People, are still paying Rs 69.59 for Petrol Rs 62.29 for Diesel (Delhi). Why is Modi Government mum? Will ‘Self Styled Nationalists’ at least now become ‘Rationalists’ and demand relief?,” Surjewala tweeted.

Oil prices India, Global oil market crash, Oil prices Rahul Gandhi, Rahul Gandhi on Oil market crash, Congress Oil prices in India

Congress spokesperson Pawan Khera also questioned what was holding the government from reducing when their prices have fallen drastically low internationally. He said last night was a “historical moment” that saw unprecedented fall in the international crude oil prices, as manufacturers have no storage capacity left.

Read | What explains crude oil prices falling below the $0 mark 

On Monday, US oil markets created history after prices of West Texas Intermediate (WTI), the best quality of crude oil in the world, fell to “minus” $40.32 a barrel in New York. According to Bloomberg, this was the lowest crude oil price even known.

The dip in the oil prices also brought unease into markets already reling from Covid-19 as Sensex on Tuesday sank over 1,011 points on heavy losses in banking, IT and auto counters.

After hitting a low of 30,378.26, the 30-share index ended 1,011.29 points or 3.20 per cent lower at 30,636.71. Similarly, the NSE Nifty plummeted 280.40 points, or 3.03 per cent, to 8,981.45.

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