Kochi : Crude prices have plummeted in international markets, however, the Modi government continues to squeeze consumers keeping domestic prices at all-time high. Price per barrel(60 litre) on crude fell by $ 8.21 (Rs 610.57) in the past 40 days. However, the government that hiked fuel cost day after day quoting rising global prices has not reduced one naya paisa in the past 24 days.
According to analysts, the global fall translates to decline of Rs 10.17 per litre, meaning the cost of petrol and diesel should witness a fall of minimum Rs 6 per litre. Petrol is currently priced at Rs 103.82 and diesel Rs 96.47 per litre.
Crude price figured at $ 77.51 per barrel on 2nd July before inching downward to Rs 74.07 by 15 July. By contrast, petrol price here was raised by Rs 1.75/L in that time reaching it to Rs 102.89 per litre. Later when crude dropped to $73.30 petrol price here was hiked further to Rs 103.82.
Finally, when crude has plunged to its three-year-low at current prices of $69.32, the government is in no mood to reduce domestic prices. Instead, it justifies the hiked prices saying restricted vehicle movements during lockdown has caused losses to oil companies. That's far from truth. The oil marketing companies registered huge profits in January – March quarter of 2021 and in the half-yearly period of 2020-21. IOC booked net profits of Rs 9144 core and BPCl net profit of Rs 11,940.
