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.