In Public Interest: The Truth Behind India's Sky-High Fuel Prices

Since 2014, global crude oil prices have dropped and fluctuated dramatically. But Indian consumers haven’t seen any relief. Petrol, diesel, and LPG prices continue to climb, quietly putting pressure on household budgets. The Union government often blames losses of Oil Marketing Companies (OMCs) for the high prices. But in 2023–24, OMCs made record profits of Rs 86,000 crore which is a 25-fold jump from the previous year. They’re making ₹15 on every litre of petrol and ₹12 on diesel. At the same time, the Centre shifts blame to states for not cutting Value added Tax (VAT), while ignoring questions about excise duties and profit margins. Yet there’s no public outrage, no political campaign, and barely any media spotlight on the silent crucial trend. But who is truly fueling this crisis, what's economic impact is entitled to and ultimately, who is paying the ever-increasing price? In this episode of In Public Interest, Shabbir Ahmed looks at this economic burden that has been emerging in everyday lives and the government’s stoic silence over it.