Rahul Gandhi suggests citizens to fill up their petrol tanks; Here's why
PremiumCongress has been accusing the BJP government of stalling the hike in fuel prices during elections and raising the prices soon after the polls are over
Congress leader Rahul Gandhi urged citizens to fill their vehicles with a full tank of petrol/diesel as the Centre would raise the fuel price soon after the result of the state's assembly election 2022. The counting of votes of the current phase of elections will take place on March 10.
Taking to Twitter, Gandhi wrote, "Quickly get your petrol tanks full. The 'Election' offer of the Modi government is going to end soon". The Wayanad MP also used a caricature of the fuel pump that said "hike" and "coming back to fuel station near you".
Congress has been accusing the BJP government of stalling the hike in fuel prices during elections and raising the prices soon after the polls are over.
In view of the Russia-Ukraine conflict, oil marketing companies (OMCs) are bearing the pain of surging crude oil prices with marketing margins severely hit. Oil prices rose above $111 a barrel on Friday.
According to the Petroleum Planning and Analysis Cell (PPAC), the cost of the Indian basket of crude, which averaged $69.88, $60.47, and $44.82 per barrel in FY19, FY20, and FY21, respectively, averaged $94.07 in February. however, it surged to $117.39 a barrel on 3 March.
The Indian basket represents the average of Oman, Dubai, and Brent crude.
Therefore, the ongoing rally in global crude oil prices will impact India’s oil import bill and trade deficit. Wholesale inflation will see a larger direct impact than retail inflation because of the higher weight on fuel in the Wholesale Price Index. Petrol and diesel have around 2.5% weight in the Consumer Price Index and 13% weight in the wholesale Index.
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