New Delhi: The Congress party intensified its criticism of the Prime Minister Narendra Modi-led central government following a recent hike in petrol and diesel prices by approximately 90 paise per liter. This marks the second increase in fuel prices within a week, occurring after a nearly four-year freeze imposed by state-run oil companies.
Through a statement on its official X account, Congress described Prime Minister Modi as the “Inflation Man,” stating, “The ‘Inflation Man’ Modi’s whip has lashed out at the public again. Petrol and diesel have been hiked by 90 paise.” The party further asserted, “This is just the beginning. The Inflation Man will extract even more now, because the elections are over.”
The post continued by indicating that prices have surged by 4 rupees in the last four days, with petrol now costing 109 rupees per liter and diesel 96 rupees. The latest increase raised petrol prices in New Delhi from Rs 97.77 to Rs 98.64 per liter, while diesel costs rose from Rs 90.67 to Rs 91.58, according to PTI sources.
This increase follows a previous adjustment last Friday, whereby state-run oil marketing companies raised petrol and diesel prices by Rs 3 per liter for the first time in over four years, attributed to rising global crude oil prices influenced by ongoing conflicts in Iran and disruptions in the Strait of Hormuz.
Regional price variations persist due to differences in value-added tax (VAT). In Mumbai, petrol now stands at Rs 107.59 per liter, while diesel is at Rs 94.08. In Kolkata, petrol is priced at Rs 109.70, and diesel at Rs 96.07, while in Chennai, petrol is now Rs 104.49 and diesel Rs 96.11.
Additionally, Compressed Natural Gas (CNG) prices have experienced multiple hikes this month. On May 15, CNG prices were raised by Rs 2 per kg in major cities, including Delhi and Mumbai, with an additional increase of Re 1 per kg noted on Sunday.
Global crude oil prices have increased by over 50% since the US-Israeli strikes on Iran on February 28, with Tehran’s subsequent retaliation disrupting shipping through the crucial Strait of Hormuz. Despite the significant rise in crude prices, retail fuel rates in India had remained stable for months, a freeze the government stated was intended to protect consumers from global energy shocks.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri noted on Monday that India successfully avoided shortages of crude oil, LPG, and pipeline natural gas despite two major global conflicts impacting international energy markets in the past four years. “Today, the war in West Asia is nearing 80 days. Earlier, the Russia-Ukraine war began in February 2022. These are two major wars within four years that created massive disruptions in the global energy sector,” he explained.
Opposition parties have argued that fuel prices were intentionally kept unchanged until key state elections concluded. Following the latest adjustment, petrol and diesel prices have reached their highest levels since May 2022. Fuel prices had largely remained stable since April 2022, with only a one-time reduction of Rs 2 per liter announced in March 2024, prior to the Lok Sabha elections.
