Not a time of profiteering, time for Govt to do profit sharing: Congress

The Congress accused the government of indulging in profiteering from low crude oil prices when the country is in the grip of coronavirus pandemic and stressed that it is time to care for the people and share a part of the Rs 20 lakh crore profit.

New Delhi: At the time, when the entire country is combating against Coronavirus pandemic, Congress demanded the Union Government for sharing a fraction of the amount of "benefit" which it got by increasing the excise duty on fuel prices.

During a press briefing, Congress' senior spokesperson Abhishek Manu Singhvi said, "It is not a time for profiteering, it's a time for the Government to do profit sharing. We all should know that a decrease in oil prices, internationally, benefits directly the Government of India."

Citing the figures of international crude oil prices, Singhvi mentioned that in March 2014, the prices were at $108 per barrel, while on March 2020, it goes down at $23 per barrel, which is an 18-19 year historic low.

During the time of steep fall in global crude oil prices, the Union Government increased excise duties on petrol and diesel by Rs 3 per litre.

Congress accused the Government of getting ₹20 lakh crore profit by the move. Singhvi said: "Petrol as of today is available at ₹ 28 per litre, as far as international price is concerned, but it is sold to us at ₹ 74 per litre. For Diesel, the actual figure should be ₹ 32 per litre but it is sold in India at ₹ 65 per litre. We want to ask the government that why are they not passing on a fraction of this humongous gains of ₹ 20 lakh crore to the vulnerable sections of our country?"

He also questioned the Government, saying, "Can't you part with even 5% of our GDP like the USA parted with 10% and around the corner with another 5%, with the total of 15% of their GDP. Our Government cannot pocket this profit, it has to give it back to the farmers for his diesel, give subsidies to them and to the migrant workers."

While mentioning about the LPG prices, Singhvi stated that the prices of LPG cylinders have been hiked from Rs 412 in May 2018, to Rs 858 in the year 2020, by increasing the rates 6 times in 6 months.

"BJP has to realize that it has to stop this process of solo profiteering. It is important for the nation's economic grief that the Government should give monetary relief," said Congress spokesperson.