The justification offered by oil marketing companies is ‘misleading and unacceptable,’ says the Left party
NEW DELHI — Calling the latest increase in petrol, diesel and CNG prices “anti-people” and “political opportunism,” the Communist Party of India-Marxist (CPI-M) on Saturday warned that the move would deepen the economic distress faced by ordinary citizens.
In a statement issued by its Polit Bureau, the party said the hike of ₹3 per litre in petrol and diesel and ₹2 per kg in CNG would further burden the working class already grappling with inflation, unemployment, stagnant wages and rising living costs.
The CPI-M rejected the justification offered by oil marketing companies (OMCs), which cited “under-recoveries” due to fluctuations in global crude oil prices. The party described the explanation as “misleading and unacceptable,” arguing that state-run oil companies had earned massive profits during periods when international crude prices remained low.
“The term ‘under-recovery’ itself is misleading. It does not indicate actual losses but merely reflects the difference between current earnings and the larger profits companies could have made if prices were increased further,” the statement said.
The Left party also accused the Narendra Modi government of failing to pass on the benefits of lower global crude prices to consumers in recent years while heavily taxing fuel to generate revenue.
“Whenever international prices were favourable, the government retained enormous revenues instead of reducing the burden on people. Now, the moment prices fluctuate, the entire burden is being shifted onto ordinary citizens,” the party said.
Warning of a wider economic impact, the party said the fuel price hike would not only increase transportation costs but also trigger a cascading rise in the prices of essential commodities, agricultural inputs and basic services.
The increase in CNG prices, it said, would directly hit auto-rickshaw drivers, transport workers and millions who are dependent on affordable public and shared transport systems.
The CPI-M further alleged that the government had deliberately delayed the announcement of the fuel price hike due to “electoral considerations.”
“The timing of the decision exposes the government’s political opportunism. The announcement was postponed to avoid public backlash during the election period,” the statement claimed.
Demanding an immediate rollback of the revised fuel prices, the CPI-M announced that it would launch protests across the country against the decision.
“The Polit Bureau calls upon all party units to organise nationwide protests demanding the withdrawal of the petrol, diesel and CNG price hike,” the statement added.
