Non-reduction of fuel prices tantamount to robbery: Ramadoss

Chennai, Nov 10 (IANS) PMK Founder S. Ramadoss on Saturday termed the high retail prices of petrol and diesel despite there being a decline in global crude oil prices as robbery.In a statement issued here, Ramadoss said that the international crude oil prices have now fallen by 22.87 per cent to $60.13/barrel from $77.96/barrel on October 3, 2018.Consequently, there should have been a commensurate reduction in the retail prices of petrol and diesel.In other words, the prices of petrol and diesel should have been cut by Rs 19.34/litre and Rs 18.20/litre respectively, and retailed at Rs 67.84/litre and Rs 61.37/litre, he said.The price of crude oil in the international market on November 1, 2017 was $60/barrel, which is equal to the current price, Ramadoss said.According to him, on November 1, 2017, petrol was retailed at Rs 71.65/litre and diesel at Rs 60.79/litre. Currently, petrol and diesel are being sold at Rs 80.90/litre and Rs 76.72/litre, respectively.Indian Oil Corporation normally details how the retail prices of oil are fixed, but the state-run fuel retailer has been silent since October 29, he said.
--IANS vj/shs/bg