Why petrol prices stay high despite global oil price drop: Derek O'Brien

Trinamool Congress leader Derek O'Brien on Monday questioned why petrol prices in India are not decreasing despite a decline in global crude oil prices.

In a post on X, the Rajya Sabha MP said the crude oil prices have come down by around 24 per cent in last ten years, but petrol price in India has gone up by 30 per cent.
 

Why are petrol prices in India not decreasing despite a decline in global crude oil prices?

???????? Aug 2014: Crude oil = $102/barrel and petrol price was Rs 73

???????? Aug 2024: Crude oil = $78/barrel and yet petrol price is Rs 95

???????? In the last 10 years, crude oil price DOWN by…

— Derek O'Brien | ডেরেক ও'ব্রায়েন (@derekobrienmp) September 16, 2024

In August 2014, crude oil was priced $102 per barrel and petrol price was Rs 73, while in August 2024, crude oil is at $78 per barrel, and yet petrol price is Rs 95, he said.

"Why are petrol prices in India not decreasing despite a decline in global crude oil prices?" wrote O'Brien, TMC's parliamentary party leader in the Rajya Sabha.

"In the last 10 years, crude oil price down by nearly 24 percent, but petrol price in India increased by 30 percent," he said.

"Windfall profits of oil companies are not being passed on to consumers," the TMC leader added.

Petrol, diesel prices in India were last revised ahead of the general election in March when it was reduced by Rs. 2, after being stagnant for about two years.

Last week, Ministry of Petroleum and Natural Gas Secretary Pankaj Jain, speaking to reporters on the sidelines of an event, had said oil companies will be taking appropriate decisions on reducing fuel prices if international oil prices were to stay low for an extended period.