picked these facts from BBC report :
http://news.bbc.co.uk/2/hi/south_asia/7435256.stm
a.India imports 75% of its oil
b.India accounts for 3% of the global demand for oil. This is lower than
China's 9% and the US's 25%,
c.India's three state-run oil importing, refining and marketing companies have
been losing money -
For every litre of petrol and diesel sold in retail, these companies lose
around 22 rupees and 32 rupees respectively.
d.And for every cylinder of cooking gas sold, the companies lose around 353
rupees ($8.40).
e.The companies told the government that if they were not allowed to raise
prices, they would lose a massive $50bn this fiscal year.
To put this into perspective, the projected loss is 5% of India's gross
domestic product (GDP), the total value of goods and services produced
*****************
MMS is doing the right thing here by passing the cost to citizens ---
...now let the states lower some tax on petrol and give lil relief to
consumers .....
India spends billions of dollars subsidising fuel for its citizens every year.
That means petrol there is a lot cheaper than it should be.
But that also means Indian oil firms have to buy oil on the international
market at international prices - and then sell it at a subsidised rate to
customers here....big loss for them.
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