OIL PRICES IN INDIA

There is something seriously wrong in price fixing of oil in India. Oil being the fundamental component that determines the prices of all other goods and services the central government must have a relook on the matter. From the available resources I am placing the diesel prices in some selected countries on 28 Aug 2017 in US $

Iran 0.9, Saudi Arabia 0.12, Myanmar 0.49, Malaysia 0.49, Vietnam 0.61, Sri Lanka 0.62, Afghanistan 0.64, USA 0.67, Indonesia 0.68, Nepal 0.72, Pakistan 0.74, Thailand 0.75, Bhutan 0.88, China 0.88 and INDIA 0.93. (Since I am wholly depending upon the source through which these prices are collected I do not vouch for total accuracy. You may verify and confirm the actual prices)

It can be seen from these figures that our price is much on the higher side than almost all Asian countries.

Each one of you may add up the components of cost as you can in the following manner. Purchase price of crude + Shipping charges to Indian ports + Handling charges + Refinery expenses + Local distribution charges + dealers commission + profit of the oil companies + All taxes and duties = The daily sale price. When you do this arithmetic excercise, I am sure that your sale price and the actual sale price shall have some variation.

Now let us look into another interesting fact about this oil trade. We may remember that when we had imported few chips worth coffins for the great Kargil victims there was allegation about corruption. We have also made huge allegations about rampant corruption in many defence deals, air craft, food article and an umpteen number of other items. However, to the total astonishment of every Indian, to the best of my knowledge, there is not even a single allegation of corruption in oil trade though the money involved is around 1.5 lakh crores. Why we Indians have become so honest in oil trade remains to be a riddle.

We, common people of this great country, should find ways and means to bring down the prices of oil. We must ask the government to bring oil under GST immediately. This will certainly give huge relief to common man of the country. Think today and act today itself!

KV George
kvgeorgein@gmail.com

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