Amid reports of falling crude oil prices in the international market and rising profits of Indian oil companies, the CPI (ML) has termed the decision to increase petrol and diesel prices for the fourth time in the last 11 days as incomprehensible and an unnecessary financial burden on the public.
Party State Secretary Sudhakar Yadav said in a statement on Monday that the cumulative increase of ₹8 per litre over the last 11 days including the latest hike of ₹2.61 per litre for petrol and ₹2.71 per litre for diesel would severely impact common people and further aggravate the already soaring inflation.
He added that the price of CNG has also been increased by ₹4 per kg, further escalating transportation costs and adding to the burden on the already distressed agricultural sector.
The State Secretary remarked that citing the impact of the Iran war as the reason behind the oil and gas price hikes is merely a pretext and, in reality, reflects the failure of the government’s economic and foreign policies.
By continuing to impose hefty taxes on fuel and raising prices in phases, the government is enabling profiteering by corporations, he alleged. He further claimed that this “extortion from the public” began immediately after the Assembly elections in five states.
The CPI (ML) leader added that the people of the country are paying the price for the central government’s policy of aligning with what he described as “warmongering Israel and imperialist America.”
He alleged that the central government has remained helpless before American pressure and is shifting the burden of its failed policies onto the public. He also pointed out that when international oil and gas prices were significantly lower, the benefits were not passed on to consumers through tax reductions. He demanded an immediate rollback of the latest fuel price hike.