TMC's Derek O'Brien Questions Why Petrol Prices Remain High
Trinamool Congress leader Derek O'Brien raised concerns on Monday about the rising petrol prices in India despite a significant decline in global crude oil prices over the past decade
In a post on X, the Rajya Sabha MP pointed out that while crude oil prices have dropped by 24% in the last ten years, petrol prices in India have surged by 30% during the same period. O'Brien highlighted the stark contrast between the two trends, questioning why consumers are not benefiting from the lower global crude costs
He noted that in August 2014, crude oil was priced at USD 102 per barrel, and petrol cost Rs 73 in India. However, in August 2024, crude oil stands at USD 78 per barrel, yet petrol prices have risen to Rs 95. This discrepancy has left many consumers puzzled and dissatisfied with the pricing policies of oil companies
O'Brien criticized the oil companies for not passing on the benefits of lower crude prices to consumers in the form of reduced petrol prices. He argued that the windfall profits being generated by these companies should be shared with the public, who have been bearing the brunt of high fuel costs
The TMC leader's comments come at a time when the Indian government has been actively promoting the use of renewable energy sources to reduce the country's reliance on fossil fuels. The recent announcement by Union Minister Pralhad Joshi about the government's plans to invest Rs 30 lakh crore to achieve its target of 500 GW of renewable energy capacity by 2030 underscores the importance of transitioning to cleaner energy alternatives
However, the continued high prices of petrol, despite the global crude oil market trends, have raised questions about the effectiveness of the government's efforts to provide relief to consumers. O'Brien's remarks highlight the need for greater transparency and accountability in the pricing policies of oil companies, ensuring that the benefits of lower crude costs are passed on to the public in a timely manner
As India grapples with the challenges of rising fuel prices and the need to transition to a more sustainable energy future, it is crucial for policymakers and industry stakeholders to work together to find solutions that balance the interests of consumers, oil companies, and the environment. The upcoming RE-INVEST 2024 conference, which aims to attract investments in the renewable energy sector, could provide a platform for discussions on these critical issues.
