If Opposition comes around, Nitish Kumar could emerge 'strong candidate' for PM: Tejashwi Yadav
New Delhi, Aug 21: Bihar Chief Minister Nitish Kumar could emerge as a "strong candidate" for prime minister in 2024 if opposition parties agreed to consider him for the job, RJD leader Tejashwi Yadav said on Sunday.
Kumar, who recently swapped alliance partners by dumping the Bharatiya Janata Party and returning -- for a second time -- to the Rashtriya Janata Dal-led Mahagathbandhan in Bihar, enjoys "immense goodwill" on the ground, Yadav told PTI in an interview.
The coming to power of the Mahagathbandhan, which now comprises the JD(U), the RJD, the Congress and several small parties in Bihar, "augurs well for opposition unity", said Yadav who has made a comeback as deputy chief minister in Bihar's new government.
"It signals that most of the Opposition parties recognise the larger challenge before the country -- the hegemony of the BJP, where on the back of money, media, and (administrative) machinery power, they are determined to stamp out all diversity from the Indian society as well as from the political spectrum," the RJD leader told PTI.
It is also a question of regional representation and social justice and development issues at the level of states, Yadav said.
"For all their talk of cooperative federalism, the BJP's attempt has been to consistently ignore regional disparities. Bihar needs special attention, nobody can deny it. But have we got anything from the Centre? Not quite."
Yadav dismissed the BJP's attempt to spread the fear that "Jungle Raj" will be back with the return of the Mahagathbandhan government.
"Jungle Raj" refers to the alleged state of lawlessness in Bihar when the RJD was in power in the state.
It is a "tired discourse" and a "classic case" of "crying wolf," he said.
"People understand and see through these tactics to divert attention and mislead. Also, this is the age of social media and friends in mainstream media are not the only ones who control the discourse."
The RJD leader underlined that regional parties and other progressive political groups have to look beyond their narrow gains and losses and save the republic, asserting that it will be very difficult to rebuild if "we don't stop the destruction in its tracks now".
Asked if Kumar is best-suited to be prime ministerial candidate for 2024 polls and if he could be the Opposition's nominee, Yadav said, "I leave this question for Honourable Nitish ji. I cannot claim to speak on behalf of the entire Opposition, however, if considered, respected Nitish ji definitely might be a strong candidate."
For the last 50 years, he has been a social and political activist, having participated in JP and reservation movements, Yadav said, adding that "he (Kumar) has more than 37 years of vast parliamentary and administrative experience and enjoys immense goodwill on the ground as well as among his peers".
Kumar's decision to break ties with the BJP, his ally since 1996 except for the period between 2013 and 2017, has fuelled speculation about his prime ministerial bid.
Asked about the several adverse comments he had made about Kumar when the JD(U) leader was in alliance with the BJP, Yadav said if one looks at the similarities and differences between them from a historical, national, contemporary and regional perspective, one will find a meeting of minds and objectives.
"We have emerged from the same churn of socialist movements and broadly share the same values. Sometimes there have been issues but none that are irreconcilable," he said.
"Our comments against the previous government were made in the capacity of a responsive opposition. All the interventions made by me and my party colleagues were to make sure the government heard the people's concerns and voices," he asserted.
Asked about BJP leader Sushil Modi's allegations against the new Mahagathbandhan government and calling him a de facto CM, Yadav said everyone is free to say what they want but it doesn't mean that "we have to take such things seriously".
On his promise of 10 lakh jobs and the talk around it, Yadav said, "We have started in earnest, firstly, by deciding to fill up existing vacancies on a priority basis. Thereafter, we will have a programme that will focus on incentivising job creation in various sectors where Bihar has an advantage."
"While we get on with our work, I'll appeal to the Union government again to give Bihar special consideration -- the state has waited far too long. I want to remind respected PM Modi of the promises he made to the people of Bihar before both the general elections and the assembly elections," he said.
Modi is Bihar's prime minister as well and he should make good on his promises to the state, Yadav said.
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Rs 30,000 cr loss a month: Oil companies bleed as fuel prices on hold amid global energy spike
New Delhi (PTI): About Rs 700-1,000 crore loss per day. Rs 30,000 crore every month. India's state oil companies are quietly absorbing a massive financial hit to keep petrol, diesel and LPG prices unchanged even as global energy markets face a turmoil that is bigger than all previous crises combined.
While countries from Japan to United Kingdom have raised petrol and diesel prices by up to 30 per cent since the start of the West Asia conflict, fuel prices in India continue at two-year-old levels.
The war disrupted India's import of 40 per cent of crude oil (raw material for making petrol and diesel), 90 per cent cooking gas LPG and 65 per cent natural gas (used to generate electricity, make fertilizer, turned into CNG and piped to household kitchens for cooking), but state-owned oil companies have maintained uninterrupted fuel supplies with no rationing or shortage at any point in the last 10 weeks.
But this has come at a cost - Rs 30,000 crore under-recovery or loss every month for the three oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), two sources with direct knowledge of the matter said.
The under-recoveries - the gap between input costs and realised retail prices - rose sharply in March/April before tapering a bit. Daily under-recoveries during April were estimated at about Rs 18 per litre on petrol and Rs 25 per litre on diesel, translating into average losses of Rs 700-1,000 crore a day for OMCs, they said.
At a news briefing on developments in West Asia, Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said prices in the international markets, on which India relies to meet 88 per cent of its oil needs, have been volatile and supplies impacted.
Crude oil prices which were around USD 70 per barrel two months ago, are now at USD 120, she said. "It has been government's endeavour to keep prices stable so far and that there is no price increase for consumers," she said. "This has hit finances of OMCs... monthly under-recoveries are of the order of Rs 30,000 crore."
She, however, refused to say if retail petrol and diesel prices will continue to hold.
"As I said, the endeavour so far has been to see that there is no price increase," she said.
The three oil marketing companies (OMCs) have worked overtime to keep the supply lines running even when demand spiked due to panic buying.
The government intervention included excise duty reductions and absorption of part of the fuel cost burden. The special additional excise duty on petrol was cut to Rs 3 per litre from Rs 13, while excise duty on diesel was reduced to zero from Rs 10 per litre.
The under-recoveries would have swelled to nearly Rs 62,500 crore had the government not cut excise duty on petrol and diesel by Rs 10 per litre each.
The government, Sharma said, has taken a hit of Rs 14,000 crore a month in cutting the excise duty.
The Centre's effective absorption at peak crude prices was estimated at around Rs 24 per litre for petrol and Rs 30 per litre for diesel.
The February 28 strikes by the United States and Israel on Iran triggered a sharp escalation in West Asia tensions. Energy prices surged as the conflict widened and shipping risks intensified in the Strait of Hormuz - the shipping lane through which India and other countries imported crude oil, LPG and natural gas from Gulf countries. Tanker movement was disrupted.
The companies also faced additional costs from emergency crude sourcing, higher freight charges due to vessel diversions, elevated marine insurance premiums and refinery optimisation expenses. Despite these pressures, fuel and LPG supplies remained uninterrupted across the country.
The surge in crude prices and the decision to shield consumers from higher retail prices placed significant strain on OMC balance sheets and refining margins, sources said.
They added that the measures reflected a policy decision to prioritise consumer stability and economic continuity during a global energy shock.
Sources warned that a prolonged period of elevated crude prices could lead to higher working capital borrowings and force some recalibration of capital expenditure plans. However, investments linked to refining expansion, energy security infrastructure, ethanol blending, biofuels and transition fuels would continue with government backing, they said.
India's approach contrasted with measures adopted by several other economies, where fuel prices rose sharply after the conflict-driven energy shock.
Petrol prices increased by about 34 per cent in Spain, 30 per cent in Japan, Italy and Israel, 27 per cent in Germany and 22 per cent in the United Kingdom, according to estimates. Several countries also introduced rationing, conservation advisories, emergency relief packages or fuel caps.
In India, petrol prices remained Rs 94.77 per litre and diesel at Rs 87.67, with no rationing, mobility restrictions or supply disruptions, they added.
Sharma said the revenues that OMCs earn are used to buy crude oil, build infrastructure to process it into fuel and create channels that will take the fuel to consumers.
Their capex spending is all dependent on the revenues they earn, she added.
