New Delhi: The CPI(M) on Thursday asked the Government to roll back the prices of petrol and diesel by at least Rs 4 and Rs 2 respectively, following the slide in global crude prices from $71 to $57-58.
"I strongly feel that the price hike should be reviewed again in the light of recent developments .... I hope you will take necessary steps to reduce the prices of diesel and petrol to the pre-June, 2006, level," the CPI(M) General Secretary Prakash Karat said in a letter to Prime Minister Manmohan Singh.
The Government had raised the petrol prices by Rs 4 per litre and diesel by Rs 2 a litre on June 5 when the international oil prices were at $67 per barrel.
Karat said the international crude prices, which had touched $71 in May, were now hovering around $57-58 a barrel compared with $55-56 in 2005.
"Concurrently, the reported proposal by Petroleum Ministry to Finance Ministry for reduction of excise duty by Re 1 per litre on petrol and diesel, is a welcome step toward rationalisation of tax/duty structure of petroleum products to reduce the burden on the consumer," he said.
He observed that high dividends paid by the oil PSUs like ONGC and IOC was "reassuring in the context of their financial health" and said even the lowest profit-making BPCL had also paid a handsome performance/profit linked incentive to its senior executives and others in 2005-06.
"In view of the above, coupled with the fact that the price of ATF (aviation turbine fuel) has already been reduced by eight per cent, I hope you will take necessary steps to reduce the price of diesel and petrol prices to the pre-June 2006 level," Karat told the Prime Minister.
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