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OPPOSITION OUTCRY also asked its frontal organizations to gear up for the
After having focused its attention on the Rafale nationwide agitation. Youth Congress workers, led by
deal, unemployment and agrarian distress, the their chief Keshav Chand Yadav, have already staged
principal opposition party, Congress is now plan- a protest against the “highest ever fuel prices” in
ning a nationwide protest by all Opposition par- Delhi outside the office of the petroleum and natural
ties against rising prices. Congress spokesperson gas ministry.
Manish Tewari said that if the government does not
BITTER TWEET
Former finance minister P Chidambaram attributed
the rising petrol and diesel prices to “excessive taxes”.
All parameters suggest Taking to his Twitter account Chidambaram tweet-
ed: “Relentless rise in prices of petrol and diesel is not
the rupee might weaken inevitable. Because, the price is built up by excessive
taxes on petrol and diesel. If taxes are cut, prices will
further. In fact, the decline significantly.”
He also termed a “spurious argument” the Central
currency had its worst government’s blaming of the states for the problem.
“The BJP forgets that its boast that BJP is ruling 19
States. Centre and States must act together and bring
month in three years in petrol and diesel under GST. Congress demands that
petrol and diesel be brought under GST immediate-
August as crude rallied ly,” he said.
Meanwhile, former finance minister Yashwant
on speculation that Iran Sinha also blamed the Centre for unprecedented
hike in prices of petrol and diesel and asked why the
Spiralling fuel cost curbs will hurt supplies opposition was not out on the streets to protest. “Pet-
rol, diesel and gas prices are rising and are hitting all
makes parties time highs daily. Why are opposition parties not hit-
tighten poll spend
ting the streets? What are they waiting for?” tweeted
the former Bharatiya Janata Party (BJP) leader.
Petrol and diesel prices have risen for the 10th
able with the currency touching 70 against the dol- Given that India is the world’s third largest oil reduce fuel prices immediately, the party will launch consecutive day and petrol is priced at 79.31 per litre
lar and will strongly defend the domestic currency. importer, any hike in global oil prices will inflate the nationwide protests and also hold a joint rally on the and 86.72 per litre in Delhi and Mumbai. Petrol pric-
“Concerns over widening current account deficit due import bill and disrupt the fiscal position. India’s issue. “We will hit streets over the hike... There will es in Kolkata and Chennai are 82.22 per litre and
to higher crude prices and demand for dollar from current account deficit (CAD) has already widened 42 be nationwide and elaborate protests from Kashmir 82.41 per litre. Diesel is priced at 71.34 in Delhi,
oil companies and general importers are impacting per cent year-on-year to $160 billion in FY18, and a to Kanyakumari.” 74.19 in Kolkata, 75.74 in Mumbai and 75.39 in
the rupee, “said a senior bank official. Those compa- high deficit means the country has to sell rupees and A meeting has been called to give a final shape Chennai.
nies who have to repay their external commercial buy dollars to pay its bills. This further reduces the to the agitation programme,” he said. Consumer The ruling Biju Janata Dal (BJD) in Odisha too
borrowing (ECB) debt are also stocking up the US value of the rupee. price inflation in July rose 4.17 per cent compared has come down heavily on the BJP-led National
currency, a bank treasurer said. The sustained foreign capital outflows have also with the same month a year ago, declining from a Democratic Alliance (NDA) government over the
The apex bank has always stated that it does played a big role. Foreign portfolio investors have five-month high of 4.9 per cent in June, according to “unprecedented” fuel price increase. The party said
not target any level of the domestic currency but pulled out more than 46,600 crore from the capital data from the Central Statistics Office. Then there are fuel prices had gone beyond control as the NDA
intervenes in the foreign exchange (forex) market markets in the year so far. However, the major fac- cascading effects of rising petrol and diesel prices on government “failed to take concrete steps” to tackle
to check its volatility. The forex reserves at $406.058 tor weighing down the rupee is the ongoing trade overall cost of living of common people. Fuel prices the situation. In a statement, the BJD said it would
billion as of June 29, gives RBI enough comfort turmoil between the world’s two largest economies, have increased for the tenth consecutive day. Led by hold a statewide agitation in coming days in protest
to intervene in the forex market. The rupee has the US and China and fears of its escalation, which a spike in global crude oil prices and the depreciating against the rise in fuel prices.
depreciated as consistent dollar demand from continues to hit forex market sentiments. A depre- rupee, the prices of petrol and diesel have surged to Former finance minister Yashwant Sinha has
banks and importers, mainly oil refiners, follow- ciating rupee could put inflationary pressure on the record highs. also blamed the Centre for unprecedented hike in
ing higher crude oil prices kept the rupee under economy. Petrol and diesel prices have risen for the The Congress aims to build a narrative around the prices of petrol and diesel and asked why the oppo-
pressure. Global oil prices have climbed after the 10th consecutive day and currently petrol is priced price rise in a manner similar to what the Bharatiya sition was not out on the streets to protest. “Petrol,
US asked its allies to end all imports of Iranian oil at 79.31 per litre and 86.72 per litre in Delhi and Janata Party (BJP) had done before the 2014 Lok Sab- diesel and gas prices are rising and are hitting all
by November. Concerns over supply disruptions in Mumbai. Petrol prices in Kolkata and Chennai are ha elections. Congress leaders argue that the com- time highs daily. Why are opposition parties not
Libya and Canada also pushed prices higher. Brent 82.22 per litre and 82.41 per litre. Diesel is priced mon people could be hit hard by the increase in fuel hitting the streets? What are they waiting for?”
crude was trading at nearly $78 a barrel in Asian at 71.34 in Delhi, 74.19 in Kolkata, 75.74 in Mumbai prices given that they have a spiraling effect on the tweeted the former BJP leader.
trade these days. and 75.39 in Chennai. rates of the essential commodities. The Congress has LETTERS@TEHELKA.COM

TEHELKA / 30 SEPTEMBER 2018 22 WWW.TEHELKA.COM TEHELKA / 30 SEPTEMBER 2018 23 WWW.TEHELKA.COM

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