Global warming - 2

Story of Oils

During the last months of NDA Government, when international Oil prices were on a continual down trend, it decided, wisely enough, to abolish the Oil pool account and utilize the amount otherwise, as part of economic reforms. People enjoyed a reduction of a couple of paise in the Petrol prices every fortnight or 10 days!

Again, during the term of UPA government, when international oil prices started to be on a continual uptrend, they are not wise enough to restart the oil pool account! But they are wise enough to 'advise' State Governments to 'reduce' taxes! The State Govertnments, who are equal to 'Tigers accustomed to tasty blood' will never reduce Taxes! The ultimate victim is the consumer.

The only reason offered for the increase in petro prices is--'the oil companies are incurring losses!'. How far it is true?

The oil companies are maintaining seperate accounts for petrol, diesel, kerosene, naptha, gas etc. and they want none of these accounts to show losses! But every year, they are handing over "fat" dividend cheques to the Government, to a tune of several thousand crores! How is it possible? Only through bashing the heads of the consumers.

Even today, if the Government dares enough to "de-nationalise" these companies, the international companies can supply "gasoline" at not more than Rs.30/- a litre. They are doing it in the Western countries. But the "Dividend cheques" will go to America, or UK! So, we won't do it.

We surrender, our palms up, to the vagaries of the "market", as in the case of ONIONS!

God only save us.

Global warming

Story of Oils

Since time immemorial, man is using oils, which can broadly be classified as 'edible oils' 'fuel oils' and 'industrial oils'.

Edible oils--everybody knows, are Gingelly Oil, Groundnut Oil, Mustard Oil, Castor Oil, and now Palmolin oil, Rice brawn Oil etc.

Industrial Oils are--Vepa nUne, AviSanUne, kAnuga nUne etc. (which are used for production of some products like soaps etc. Castor Oil joined these oils, used as a lubricant.)

Then come Fuel Oils--Petroleum and its derivatives--Aviation Turbine Fuel, Gasoline, Petrol, Diesel, Kerosene, naphthA, Parrafin etc. which are used for burning & getting energy to run certain things, including Aero planes and Tanks!

At the time of our Independence, there were 3 major oil companies, operating in India viz. CALTEX (California and Texas Oil Company); ESSO (Eastern and Southern States....or something....Oil Company);--these two are American Companies and   Burma Shell--a British Company.

In 1956 or afterwards, our Government Nationalised these Companies and formed Indian Oil Company; Bharat Petroleum Company; and HindusthAn Petroleum Company. (which became what I don't remember. Also, if there was a fourth Company I don't remember as I was just a 5 or 6 years boy at that time.)

Okay! Predominant was the use of Coal and Timber for running busses and Trains. Then Petrol costed a few "naye paise" (Diesel was not derived or not in use. Those were also the days when old paisa system is changed to "naya paisa" system and our country adopted metric system for other measurements). 

Much later, the Oil companies were granted independence and formed into "Corporations" ruled by Governing Bodies, in which Government representatives were also there as Directors. 

Everything was fine until, during the regime of Indira Gandhi, our External Affairs Minister Mr. Dinesh Sing was unceremoniously necked out of the 1st world Muslim conference held at Rabbat. (In the first place, we were not invited  but Indira, claiming we are having a considerable Muslim population, sent our delegation to the Conference!)

Later, OPEC (Organisation of Petroleum Exporting Companies) was formed. They used to rule the World prices of Petroleum products. The world police, USA has worked out strategies, to break the organisation and was successful after the so called Gulf War.

During those years, our country used to maintain an "oil pool account" allotting some crores of rupees, to absorb the volataility of the oil prices. So, no effect on common consumers and prices.

.....to be continued.

Corruption in our Banks

Fraud in 'Citi Bank'

Associate vice president (Accounts) Mr. Sanjay Gupta of Hero Corporate Services was arrested on the allegation of 'diverting around 300 crores' from the funds of the promoters of Group Companies.

Out of the funds, around 250 crores are said to have been invested in the Stock Market!

For the purpose, he had set up 2 companies in the names of biji finance & G2S, colluding with Sivaraj Puri, relationship manager of Gurgaon branch of Citi Bank and paid him a commission of Rs.20 Crores.

Investigations are going on.