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Congress leader Jairam Ramesh on Friday raised concerns about the government's decision to reduce excise duties on petrol and diesel, claiming that the move was politically motivated ahead of the upcoming Assembly elections
In a post on X, Ramesh pointed out that when global crude oil prices fell in the past 12 years, the government did not reduce consumer fuel prices in India. He asserted that it was made solely because of the impending elections and to wait till April 30th. "When global crude oil prices fell as they did on seven different occasions in the past 12 years consumer prices in India were not reduced. Today's announcement was because of assembly elections. Wait till April 30th," the post read. https://x.com/Jairam_Ramesh/status/2037435220211966087 The Congress leader's remarks come after the Central government reduced excise duty on petrol to 3 per litre and brought it down to zero for diesel, as per a Gazette notification issued under the provisions of the Central Excise Act, 1944. Additionally, a windfall tax of 21.5 per litre has been imposed on diesel exports. The decision follows escalating tensions in West Asia, particularly the ongoing conflict involving the United States, Israel, and Iran, which has led to a blockade of the Strait of Hormuz--a crucial route that handles nearly one-fifth of the world's crude oil supply. Before the crisis, India sourced around 12-15% of its oil imports through this route. While the duty cut is expected to ease pressure on oil marketing companies facing losses due to surging crude prices, retail prices of petrol and diesel have remained unchanged so far. Meanwhile, the government has maintained that fuel supplies across the country remain stable. The Ministry of Petroleum and Natural Gas, in an official statement, assured that "all retail outlets are operating normally across the country" and that there are "adequate stocks of petrol and diesel available at all petrol pumps." It also urged citizens not to engage in panic buying amid circulating rumours. Officials added that refineries are functioning at high capacity with sufficient crude inventories, and domestic LPG production has been ramped up to meet demand. (ANI)
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