New Delhi: Congress MP B Manickam Tagore on Monday launched a sharp attack on the Centre over the latest fuel price hike, accusing the government and oil marketing companies (OMCs) of burdening consumers while retaining profits.
Reacting to the latest increase in petrol and diesel prices, the Virudhunagar MP said the government’s argument that OMCs were suffering losses had been “demolished” by the companies’ financial performance in recent years.
In a post on X, Tagore questioned where the Rs 81,000 crore profits posted by Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) in FY24 had gone, alleging that consumers did not benefit despite crude oil prices remaining lower during several periods.
“They say OMCs are losing ₹38/litre on diesel today. Let’s ask: Where did ₹81,000 crore go?” he wrote in his X post.
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The Congress leader claimed that the three public sector oil companies posted record profits in FY24 while petrol prices remained above Rs 100 per litre in several cities.
He alleged that despite making profits for seven consecutive quarters, the companies did not pass on any relief to consumers.
Tagore also referred to past crude oil trends, stating that when global crude prices had crashed in 2016, the Centre increased excise duty by Rs 11 per litre and retained it. He further alleged that while fuel prices remained high during periods of lower crude oil prices, retail prices were raised within days whenever crude prices surged.
“Loss flows to YOU. Profit stays with THEM,” Tagore said in the post, accusing the Narendra Modi government of favouring corporates over consumers.
Drawing comparisons across years, the Congress MP said crude oil prices stood at around $114 per barrel in 2014 when petrol cost Rs 72 per litre, while crude prices had fallen to nearly $27 per barrel in 2016 but petrol still retailed at Rs 64 per litre.
He claimed that with crude at around $97 per barrel in 2026, petrol prices have now crossed Rs 103 per litre in several places.
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The remarks come amid fresh fuel price hikes across metro cities, marking the fourth increase in less than four weeks and triggering criticism from opposition parties over rising inflation and cost of living concerns.
Despite the assurances from the government, social media is still abuzz about the possible price rise in petrol and diesel. Experts and economists believe that consumers will see the price of fuel rising by about Rs 10.
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The anticipation pulls strength as Petroleum Minister Hardeep Singh Puri expressed a deep concern about the losses incurred by Oil Marketing Companies (OMCs).
Speaking at the CII annual business summit in new Delhi earlier this month, he revealed that OMCs are losing nearly Rs 1,000 crore every day, giving support to the anticipations of the price rise.
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