TMC Leader Questions Rising Petrol Prices Despite Falling Global Crude Costs

Trinamool Congress leader Derek O'Brien questioned the discrepancy between global crude oil prices and petrol prices in India. Despite a 24 percent decline in crude oil prices over the past decade, petrol prices in India have increased by 30 percent. O'Brien highlighted that oil companies' windfall profits are not being passed to consumers.

On Monday, Trinamool Congress leader Derek O'Brien raised concerns over the rising petrol prices in India, despite a significant decline in global crude oil prices.

In a post on X, O'Brien pointed out that while crude oil prices have dropped by 24 percent over the past decade, petrol prices in India surged by 30 percent. He questioned why, ten years ago, crude oil was priced at USD 102 per barrel with petrol at Rs 73, whereas today, crude oil is priced at USD 78 per barrel yet petrol stands at Rs 95.

O'Brien criticized the windfall profits of oil companies for not being passed on to consumers. The TMC leader highlighted the last revision of petrol and diesel prices in March before general elections, reducing them by Rs 2 after a two-year stagnation. Meanwhile, the Ministry of Petroleum and Natural Gas stated that oil companies might consider reducing fuel prices if global prices remain low for an extended period.

(With inputs from agencies.)