Indian Oil Marketing Companies are getting all set to raise the price of petrol once again, citing recent hike in Global Crude Price, as well as weakening of Rupee, against the dollar. Based on this, they are claiming that if they continue to sell petrol at the same price, by next week, their loss would be in tune of Rs. 3 per liter of petrol and hence are planning to hike the price as much if not more.
This is all fine and well, curse I guess of having a free economy and deregulated petrol prices.
However I have to ask just one question to these oil marketing companies.
Why didn’t they reduce price of fuel last month, when the global crude prices had gone down?
Why did they cite the fact that at that point they were still getting old supply, hence price reduction couldn’t be made, while the recent hike in price of crude and value of Rupee going down, is going to have a such an immediate impact?
Am I to understand that either these Oil Marketing Companies (which work in a vary cartelized manner if I may add) didn’t purchase any oil from the market, when the prices were down or they are just hell bent on milking the Aam Adami, along with this government, which seems hell bent on pushing all of us back to the 90s, when majority couldn’t afford a normal phone, let alone a mobile phone?
Update: As I had posted earlier in the day, Oil Marketing Companies have gone ahead and raised the price of petrol and that too by a whopping Rs. 3.14 per liter. This means price of petrol has gone up by a whopping Rs. 15.28 or 29.63%, compared to the same period last year!