The hike in the prices of petrol, diesel decided buy UPA, was severely more than BJP, but the back story has to tell something different.
New Delhi: the high spike in the rise of the price of petrol and diesel, has led to a fiery situation and is again taking its leap towards the political issue. The petrol price in Delhi has reached 100 rs. Per liter. And with this the national capital of our country, has now reached to among the list of those countries where the price of petrol costs for three digits figure. Which the steep rise in the price, it has led to a political issue again. Since the reign of the Modi government for the past seven years, the sharp rise in the price of petrol and diesel, has gone up by 40 and 56 percent, which respectively according to the terms of the money is from RS. 71.41 and RS. 57.28 to RS. 100.21 And RS. 89.53. Over the past seven years, the UPA government has decided to set the price of the petrol and diesel took a major leap, from 77 and 66 percent respectively.
Why the prices of the petrol went up?
The UPA tenure between 2004 and 2014, saw a steep rise of 222 percent from $34.16 per barrel to $110 per barrel. And this was the very primary and an early reason for the increase in the prices of the petroleum products. But since 2014 the prices of the crude oil have fallen down, by 28%, i.e. from $109 per barrel to $78.85. Thus the increase in the petroleum product prices under the Modi Government, has led in to higher taxes, despite the fact that the prices of the crude oil had a downfall.
The reasons that were further present by the governments: the UPA has justified the fact that the hike in the price of the petrol was done to prevent the losses that the public sector oil marketing companies could have face. During that time the oil minister “Murli Deora” in a statement said that “What we did was bare necessity. We were compelled to do so because oil PSUs were faced with Rs 74,300 crore under recoveries (revenue loss on fuel sales this fiscal). The opposition is being a hypocrite in its criticism.” Regarding this part the Ruling Janta Party (BJP) has provided various reasons for the rising of the prices. Furthermore the BJP IT cell head Amit Malviya had claimed that the previous UPA government, had issued the oil bonds which were worth RS 1.3 lakh crores, so that to keep the retail prices in check. And the UPA government used these bonds for the prevention of the OMCSs from facing loses. As per the Modi government the current fiscal for serving the oil brands is 20,000 crore.
What is the response of the congress?
As of now Congress is claiming that the Modi government is increasing the price of the petroleum products and is charging huge tax even though there is no hike in the price of the crude oil. Congress chief spokesperson, Randeep Surejewala, even called this high taxation an “excessive public loot”.
The senior part leady Rahul Gandhi, has even posted numerous photos, in the hike of the rise in the fuel prices in his social media handle of the twitter account. Even before coming to authority and power BJP had led several protests due to the rise in the price of fuel. Regarding this back in 2012, the former finance minister Late Arun Jaitley, had even asked the government to lift up the high taxes from petrol and diesel, which will provide a relief for the common public.
Furthermore there are direct impacts which has built inflationary and is creating excessive pressure on the economy, because petrol and diesel together combined provides the weightage of 4.7% when it comes to the wholesale price index.
Source: The Print
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