CAG must audit how policies benefited private firms: Cong on fuel excise duty hike under Modi govt
New Delhi, Apr 13 (PTI): Accusing the government of "looting" people by increasing excise duty on petrol and diesel, the Congress on Sunday called for fixing accountability and demanded that the CAG should audit how government policies benefited private companies.
The opposition party also demanded that the Central Vigilance Commission (CVC) and Central Bureau of Investigation (CBI) should investigate whether there was deliberate negligence or collusion in this.
Congress general secretary in-charge communications Jairam Ramesh in a post on X said, "The people of India are being looted — on one hand the Modi government is increasing the tax burden and picking people's pockets, while on the other hand private and government oil companies are making profits! This is open economic exploitation!''
"The truth is: In May 2014, the excise duty on petrol was Rs 9.20 and on diesel Rs 3.46. Which is now Rs 19.90 on petrol and Rs 15.80 on diesel in the Modi government — an increase of 357% and 54%!" he said in his post in Hindi.
The Congress leader claimed that the government earned Rs 39.54 lakh crore from the petroleum sector in the last eleven years, yet it did not give any relief to people.
"In May 2014, crude oil was USD 108/barrel, today it is only USD 65.31 — i.e. 40% cheaper, yet the prices of petrol and diesel are higher than the UPA era," Ramesh said.
"In 2014, petrol in Delhi was Rs 71.41 and diesel Rs 55.49 per liter. Today the same petrol is Rs 94.77 and diesel Rs 87.67 per liter — the public is being openly looted. Who is benefiting?" he asked.
The Congress leader said along with government companies, the private oil companies are also earning huge profits from refining and marketing, while the common man is burdened with expensive petrol and diesel.
"The issue is serious! CAG should audit how the government policies benefited these private companies. CVC and CBI should investigate whether there was deliberate negligence or collusion in this?" Ramesh said.
"Public money needs to be accounted for — accountability must be fixed," he asserted.
The Congress general secretary shared a media report, which stated that oil firms were benefiting big time but now lowering prices for people.
The Congress had last week taken a swipe at the government over the hike in excise duty on petrol and diesel, with Rahul Gandhi stating Prime Minister Narendra Modi finally gave a befitting reply to "tariffs".
Gandhi had also said that people suffering from inflation had been given another gift of "government loot".
The government hiked excise duty on petrol and diesel by Rs 2 per litre each. The excise duty on petrol was hiked to Rs 13 per litre and that on diesel to Rs 10 a litre.
भारत की जनता लूटी जा रही है — मोदी सरकार द्वारा एक तरफ़ टैक्स का बोझ बढ़ाकर जहां जनता की जेब काट रही है, वहीं दूसरी तरफ़ प्राइवेट व सरकारी तेल कंपनियां मुनाफ़ा कमा रही हैं!
— Jairam Ramesh (@Jairam_Ramesh) April 13, 2025
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1. मई 2014 में पेट्रोल पर एक्साइज ड्यूटी ₹9.20 और डीज़ल पर… pic.twitter.com/1JAYmNVUa7
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Rupee strengthens past 90/USD level in early trade
Mumbai (PTI): The rupee appreciated 24 paise to 89.96 against the US dollar in early trade on Friday, supported by corporate dollar inflows and easing crude oil prices.
Forex traders said the gain in the USD/INR pair follows the rupee’s string of record lows in recent weeks on likely intervention from the Reserve Bank of India.
Moreover, crude oil prices hovering around USD 59 per barrel level supported market sentiment.
ALSO READ:Rupee trades in narrow range against US dollar in early trade
At the interbank foreign exchange market, the rupee opened at 90.19 against the US dollar, then gained some ground and touched 89.96 against the US dollar, registering a gain of 24 paise over its previous close.
In initial trade it also touched 90.22 against the American currency. On Thursday, the rupee appreciated 18 paise against the US dollar to close at 90.20 against the greenback.
The rupee sank to a fresh record low, breaching the 91-a-dollar mark for the first time on Tuesday.
"Since the speculators are out of the market the buying of US dollar syndrome has come down a bit though intra-day we could see spikes," said Anil Kumar Bhansali Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
The US CPI came lower than expected but was also due to non-collection of sufficient data and therefore, the next month’s CPI becomes more important, Bhansali said, adding that "Rupee remains in a range of 90-90.50".
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.04 per cent higher at 98.46.
Brent crude, the global oil benchmark, was trading lower by 0.27 per cent at USD 59.66 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex climbed 375.98 points to 84,857.79, while the Nifty was up 110.60 points to 25,934.15.
Foreign Institutional Investors purchased equities worth Rs 595.78 crore on Thursday, according to exchange data.
Meanwhile, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal on Thursday said he is not concerned about the rupee at all, arguing that even China and Japan witnessed exchange rate weaknesses during their high growth phases.
Speaking at 'Times Network's India Economic Conclave 2025', Sanyal said since the 90s, the rupee has mostly been allowed to find its own level, but the RBI uses its reserves to intervene in either direction to stop excessive volatility.
"I am not concerned about the rupee at all... Let me say that the rupee and its current weakness should not be necessarily conflated with some economic worry, because historically, if you go over time, you will see that economies that are in their high growth phase very often go through a phase of exchange rate weakness," he said.
