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Pass on benefit of crude oil to people: Congress to Centre

Pass on benefit of crude oil to people: Congress to Centre

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  22 April 2020 5:45 AM GMT

New Delhi: The Congress has demanded that after the crude oil prices hit at the lowest in its history, the government should pass the benefit to consumers and in this difficult times the transporters and farmers could get reprieve as in last 6 years the government has already raised taxes 12 times and has made Rs 20 lakh crore.

“Central excise duty on oil has been increased 12 times in last 6 years that has earned Rs 20 lakh crore. Why has the benefit not been passed on to the consumers? Is the government fulfilling its obligation by not passing on this benefit to the consumers,” said Pawan Khera while addressing a press conference.

The Congress said India is the tenth largest oil importer from the US after it was banned from importing oil from Iran. “Why did we refuse to buy oil when the price has fallen so low internationally, while we also have storage capacity.”

Crude oil prices went down unexpectedly to a historic low on Monday. Such situation occurred due to non-purchase of crude oil in America, added Khera.

In a historic plunge, the May contract of West Texas Intermediate crude on the NYMEX fell below zero to a record low of -$40.32 per barrel on Monday.

Due to high supplies and lower offtake amid the coronavirus crisis and the worldwide standstill, the US also ran out of storage for the commodity posing a major challenge for the market.

Prices turning negative, is an unprecedented phenomenon in the oil markets as traders paid buyers to lower their stock of oil. (IANS)

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