The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
Withdraw Fuel Price Hike
The Polit Bureau of the CPI(M) strongly condemns the Union government’s decision to hike the prices of petrol, diesel and CNG. The hike of ₹3 per litre in petrol and diesel and ₹2 per kg in CNG will impose more burdens on the working people already reeling under inflation, unemployment, stagnant wages and deepening economic distress.
The justification offered by the oil marketing companies (OMCs) that they are facing “under-recoveries” due to rising global crude prices is unacceptable and misleading. The same oil companies reaped huge profits when global crude prices remained subdued or low over the past several years. The term ‘under-recovery’ itself is a misnomer. It does not signify real losses incurred by OMCs; rather, it refers to a hypothetical deficit between current revenues and the larger profits they would have earned if fuel prices had been allowed to increase further.
The Modi government also earned enormous revenue by refusing to pass on the benefits to the people. Today, when international prices fluctuate, the burden is sought to be immediately transferred onto the shoulders of ordinary people.
Apart from adversely impacting cost of transportation, they are bound to trigger a cascading affect across the economy including but not limited to escalating prices of essential commodities, agricultural inputs and basic services. CNG price hikes directly affect auto drivers, transport workers and millions dependent on affordable public and shared transport. It needs to be underlined that the Government had delayed this announcement for electoral interest.
The Polit Bureau of the CPI(M) demands the immediate rollback of the increase in petrol, diesel and CNG prices. It calls upon its units all over the country to organise protests demanding a withdrawal of this hike.