Government pocketing 80% profits of crude oil price fall: Congress

NEW DELHI: Government is "pocketing" 80 per cent of profit of fall in crude oil prices, Congress today alleged and asked the government to pass on the benefits to consumers.

Party spokesperson Abhishek Singhvi said that despite raising the issue many times, Congress has got "no answer" from the government on this.

Claiming that 72 per cent decrease in prices of international crude oil happened since Prime Minister Narendra Modi took over, Singhvi said this is greatest international blessing any government can look forward to.

"It has nothing to do with Modi, it is a huge jackpot and bonanza which he has got. No Government, in many-many decades of India has experienced this bonanza and yet the price of diesel has come down by 20 per cent and the price of petrol has come down by 16 per cent.

"The basic point is 72 per cent versus 20 percent and actually 16 per cent for petrol. This is the charge I am making, the government is pocketing 80 per cent profit of petrol and diesel. Why have you not passed on at least 50 per cent of this 80 per cent?" Singhvi asked.

The Congress spokesperson also asked whether the government was trying to to reduce the budget deficit by pocketing profit of 80 per cent by taxation.

"Pass on the profit to consumer. Decontrol does not mean that they cannot intervene and pass on the price, it does not mean that tax which the government is charging and getting must be kept in their own pocket," Singhvi said.