The Congress on July 30 accused the Prime Minister Narendra Modi-led government of “brazen profiteering” by selling cheap oil at expensive rates and alleged that it has pushed the country into a “vicious cycle of inflation”.
In a statement, Congress general secretary Jairam Ramesh quoted a CRISIL report to argue that public sector oil companies would make an operating profit of ₹1 lakh crore as against ₹33,000 crore last year.
Public sector and private sector oil companies are making a profit of more than ₹10 per litre on diesel and petrol, Mr. Ramesh noted, and added that crude oil has become cheaper by 35% in the international market in the past one year.
