Since the time of my last post, International oil prices have risen to $97 per barrel. The Indian crude basket is now over $85 per barrel and yet the Govt. doesnt have the guts to take action.
The Oil Marketing Companies (OMC) continue to lose Rs240 crore everyday because of this under-pricing.
Read this article - http://economictimes.indiatimes.com/News/News_By_Industry/Energy/Oil_PSUs_board_rickshaws_to_keep_losses_under_check/articleshow/2534034.cms
It is more of a mockery to the Govt. On the one hand we claim to be an emerging economy, on the other we see such a regressive mode of tranport which I would call inhuman for the rickshaw pullers.
I still do not see who seems to benefit from the petrol subsidy. Petrol is not something used by the common man, but by car and bike owners. They can easily absorb the price fluctuations of fuel.
This is a right opportunity to promote Public Transport systems which will run on CNG and/or electricity. We do have huge coal assets and generating thermal power will save us huge forex outgo. Also we have sufficient natural gas assets and more are being discovered.
Lets see how long the Govt puts off shouldering responsibility.
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