Rahul warns of ‘economic storm’ amid fuel price hike, slams PM Modi

Lashing out at Prime Minister Narendra Modi over his austerity drive to the people in view of the West Asia conflict and consequent fuel supply disruption, Leader of the Opposition in the Lok Sabha Rahul Gandhi on Tuesday (May 19), said that an “economic storm” is on the way and the common people will suffer because of it.

Speaking to reporters in Rae Bareli, Uttar Pradesh, Rahul said that the “Adani-Ambani” structure would not last long, adding that PM Modi, Adani and Ambani would not suffer because of it; the common man has to bear the brunt of it.

Targets PM over economic outlook

The Congress leader said that instead of taking action to deal with the situation, PM Modi was asking people to refrain from undertaking foreign trips while himself setting off on a foreign tour.

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“I have been saying this for a few days now that Modi ji has changed the economic structure. An economic storm is on the way. Their Adani-Ambani structure will not last much longer; it will collapse. What is unfortunate is that the common man will suffer,” said Rahul.

“The economic shock will not impact Adani, Ambani, and Modi; it will deeply affect the common man. It will be unprecedented. Tough times are coming. Instead of taking action, Narendra Modi is asking people not to undertake foreign trips, while he himself is on a world tour,” he added as quoted by the Times of India.

Fuel prices rise after freeze ends

Earlier in the day, petrol and diesel prices were raised by nearly 90 paise per litre, the second revision in fuel rates within a week after state-owned oil marketing companies resumed periodic price adjustments following a freeze that had lasted close to four years.

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In Delhi, petrol is now being sold at Rs 98.64 a litre, while diesel prices climbed to Rs 91.58 per litre. Fuel rates differ from state to state depending on local VAT levies. The latest revision has pushed retail prices to their highest point since May 2022.

The increase comes days after CNG prices were revised upward twice this month. On May 15, rates were increased by Rs 2 per kg in several cities, including Delhi and Mumbai, followed by another hike of Re 1 per kg on Sunday.

Crude surge adds pressure on retail rates

International crude oil prices have jumped more than 50 per cent since the February 28 US-Israeli strikes on Iran and Tehran’s subsequent retaliation, which disrupted shipping movement through the Strait of Hormuz, one of the world’s busiest oil transit routes.

Even as global energy prices surged, retail fuel prices in India had remained unchanged at nearly two-year-old levels. The Centre had maintained that the freeze was aimed at protecting consumers from volatility in international markets. Opposition parties, however, claimed the government delayed revisions for political reasons ahead of Assembly elections in several states.