In last 2 yrs, India's oil prices declined, Modi claims; stats differ
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Panaji: Prime Minister Narendra Modi claimed on Tuesday that petrol-diesel prices in India have come down in the last two years despite global factors. He was speaking at the inauguration of India Energy Week 2024, The Indian Express reported.
"Despite several global factors, in India, the petrol and diesel prices have come down in the last two years," TIE quoted Modi.
However, statistics by agencies suggest that the PM's claims were not true. According to macrotrends.net, the crude oil price internationally opened in 2022 at $76.08 and closed at $80.51. The highest price that year was $123.70, and the lowest recorded was $71.59.
In India's Delhi, the prices in April of the same year were Rs Rs 105.41 for petrol and Rs 96.67 for diesel, mycarhelpline.com reported. In May of that year, the Centre slashed excise duty by Rs 8 per Litre on Petrol and by Rs 6 per Litre. Thus, prices for the two commodities came down to Rs 96.72 and Rs 89.62
In 2023, crude oil prices opened at $80.26 and closed at $71.33. The highest was $93.84, and the lowest was $66.74.
In 2023, prices opened at a lesser rate than that of closing of the year before. But petrol and diesel prices remained the same in Delhi as in May 2022. Also, the rate continued to be constant the whole of the year, despite the crude oil rate peaking less than it did in 2022 and dipping at a lower rate than that of 2022.
In 2024, crude oil prices opened at $71.65, peaked at $78.23, and the lowest so far is $70.38. The highest figure so far this year is less than that of the last. But petrol and diesel prices continued to be the same as they were in May 2022.