BJP MP Konda Vishweshwar Reddy slammed the opposition over fuel price hikes, claiming India's increase is the lowest globally. Meanwhile, a former BPCL director has warned that a further price hike may be unavoidable due to global energy disruptions.
BJP MP Konda Vishweshwar Reddy on Sunday criticised opposition parties for being "disorganised and confused" regarding their stance on fuel price hikes, claiming India has seen the lowest increase globally. Rebutting statements made by Congress leader Mallu Ravi, Reddy stated that India's petrol price rise remains minimal compared to the US, the UK, Europe, and neighbouring countries like Bangladesh and Pakistan, accusing the opposition of trying to mislead the public.
Speaking to ANI, Reddy says, "The opposition parties lack consistency. They are disorganised and confused. My good friend Mallu Ravi claims petrol prices have risen sharply, but he does not realise that India has seen the least increase in the world. Even compared to the USA and UK, India's rise is minimal. The opposition is simply trying to confuse people. Across Europe, the UK, and neighbouring countries like Bangladesh and Pakistan, prices have risen far more than in India."
Expert Warns of Unavoidable Price Hike
Earlier in the day, Former Director HR at Bharat Petroleum Corporation Ltd (BPCL), said a further hike in retail fuel prices may be unavoidable if current global energy disruptions continue, Raj Kumar Dubey outlining three options before policymakers as crude markets face sustained volatility.
"Now, there are two or three options open. "One is the price hike, or the petroleum companies take up the losses and make up more and more losses. And the third is the government funds through deficit financing," Dubey said.
He noted that global price hikes of 20 per cent to 50% had initially been seen as temporary, but "the way things are panning out, I think this is going to continue." Pointing to the destruction of energy infrastructure in Iran due to conflict in West Asia, he said, "if this scenario continues, then I think another price hike should be there." While he did not specify the quantum, he said, "If this continues for a long time, the hike is inevitable."
India's Supply Security Measures
On supply security, Dubey credited diplomatic efforts and diversification for insulating India from shocks despite geopolitical tensions.
With more than 2 million barrels of oil being stopped at the Straits of Hormuz, he said, managing the shortfall was possible "through the diversification of supply sources only. Whether it is Russian oil or whether it is from Africa or from many other places." (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)