Modi Govt denying people benefit of low oil prices; no other nation doing so: Moily

NEW DELHI: When nations around the world have passed on the benefit of plunging oil prices to consumers, the Modi Government has irrationally kept petrol and diesel prices at levels prevalent when crude prices had touched an all-time high of USD 107 few years back, former petroleum minister M Veerappa Moily said Tuesday.

In a press statement, Moily said petrol was priced at Rs 71.41 per litre and diesel at Rs 55.49 a litre when during the UPA-2 regime international oil prices touched an all-time high of USD 107.09 per barrel.

Currently, the cost of crude is USD 36.29, but diesel is priced at Rs 65.39 and petrol at Rs 71.26 in Delhi, he said.

This has been done by the Government raising excise duty on petrol by Rs 13 a litre and on diesel by Rs 16 per litre in two months to take away the gains arising from oil prices dropping to a two-decade low. (AGENCIES)