New Delhi, May 15 -- The BJP on Friday defended the hike in fuel prices, claiming that India managed to shield citizens from the global oil shock for more than two months while implementing only a "limited and calibrated" increase, even as several countries witnessed a steep price rise.
The remarks came after petrol and diesel prices were hiked by Rs 3 per litre each, the first increase in more than four years, amid mounting losses suffered by oil marketing companies due to surging global crude oil prices.
Prime Minister Narendra Modi recently suggested measures to reduce fuel consumption, including the use of metro services, carpooling, electric vehicles, and work-from-home arrangements, to help conserve foreign exchange reserves amid the West Asia crisis.
In a post on X, BJP IT cell head Amit Malviya said India recorded one of the lowest increases among major economies, with petrol prices rising by 3.2 per cent and diesel by 3.4 per cent.
"The Rs 3 per litre increase announced on May 15 is effectively the first fuel price hike in nearly four years, and on a base price of around Rs 95 per litre, it translates to only about a 3.5 per cent increase," he said.
"India emerged as a distinct and noteworthy exception in this entire picture. India recorded the lowest increase among major economies," he added. The BJP leader claimed that India's public sector oil marketing companies, which account for nearly 90 per cent of the retail fuel market, absorbed a substantial portion of the increase in crude oil costs for 76 days after the West Asia crisis intensified.
"For 76 days after the West Asia crisis intensified, India's public sector oil marketing companies did not pass on the full burden of rising international crude oil prices to consumers. They absorbed a significant portion of the cost themselves," he said.
Published by HT Digital Content Services with permission from Millennium Post.