BP, Indian Oil, HP and ONGC have cunulatively earned the profit of Rs.3, 63,209 crores from 2022 to 2026
SUNIL NEGI
After the situation in West Asia due to the complexities of the crisis between Israel, US and Iran leading to the crisis worldwide in terms of scarcity of petro products , India has particularly been immensely negatively impacted.
What is interested and shocking to note here is the fact that despite the existing crisis though the government has tried to make people feel that the former is obliging countrymen by burdening them very little with little price hike in petrol and diesal etc but the fact of the matter is that the petroleum companies and oil undertakings have been earning tremendously since 2021 and have minted profits in several thousand crores and ONGC in lakhs of crores from the countrymen.
First there was the price hike of just Rs. Fifty on the domestic gas cylinder after the West Asia crisis commenced and subsequent closure of the Strait of Hormuz.
Thereafter there was about Rs. One thousand hike on a commercial gas cylinder and thereafter four times hike in the rates of petrol and diesal thus immensely overburdening the already burdened people due to the inflationary pressures with prise rise of essential commodities to construction costs to eatables to food material to everything touching sky heights during the peak summers.
According to the various news reports, amid rising inflation across the country, another hike in petrol and diesel prices has added to the public’s woes multiply.
Over the past 11 days, petrol prices have risen by a total of ₹8.06 per liter and diesel by ₹7.80 per liter.
In the latest increase, petrol prices were increased by ₹2.87 and diesel prices by ₹2.80 per liter today. Now the petrol per litre has crossed Rs 100 compelling countrymen to station their vehicles inside their garages.
The opposition has launched a scathing attack on the central government over the continuous rise in petrol and diesel prices.
Several opposition parties, including the Congress, have accused the government of burdening the common man’s pockets and benefiting big industrialists.
When did the prices rise?
May 15: Petrol ₹3.29, Diesel ₹3.11
May 19: Petrol ₹96, Diesel ₹94
May 23: Petrol ₹94, Diesel ₹95
May 25: Petrol ₹2.87, Diesel ₹2.80
Total Increase
Petrol: ₹8.06 per liter
Diesel: ₹7.80 per liter
Congress leader Rahul Gandhi said that the ever-rising inflation has broken the back of the middle class, farmers, and labourers.
West Bengal Chief Minister Mamata Banerjee accused the central government of adopting anti-people policies.
Samajwadi Party chief Akhilesh Yadav and RJD leader Tejashwi Yadav also criticized the central government for the increase in petrol and diesel prices.
Political analysts believe that the continued rise in fuel prices could impact transportation, food, and everyday items, further exacerbating the hardships of the common man.
Many social organizations and opposition parties across the country have threatened to protest against rising inflation.
The public says that the ever-rising prices of petrol and diesel have severely impacted household budgets, and the government should take immediate steps to provide relief.
If you peep into the statistics of the massive profit earned by the petroleum companies during these critical days you will be surprised and shocked to learn that from January to March the Indian Oil had earned the staggering profit of Rs. 11,377 crores while the Bharat Petroleum had earned the profit of Rs.3,171. The Hindustan Petroleum was the second highest in the tally of earning the profit of Rs. 4,901 which cunulatively comes to the entire profit of Rs.19470 crores.
This unambiguously means that even during the critical times when the countrymen deserved relief these government companies were earning handsomely overburdening countrymen , though claiming that they are on loss.
Similarly if one goes to see the statistics of profits of these oil companies and undertakings from 2022 to 2026 the four entities BP, Indian Oil, HP and ONGC have cumulatuveky earned the profit of Rs.3, 63,209 crores charging excise duties on the petro products from the people and not actually providing any relief, which they could have by sacrificing their profits and easing the electitats of the country who had bright the present political parties to power.
