UPA Slipped On Oil
And it bluffed about the 'inevitability' of fuel price hike when it indeed had other options, reports Dibyendu Das F ill it, shut it and forget it! This once-famous slogan from an advertisement of a motorcycle seems to be the motto of the UPA Government as it has conveniently set aside the worries of the poor and the middle class reeling under the pressure of the recent hike in the prices of fuel for transportation and cooking gas. While global oil prices climbed record high this week pushing the benchmark Indian basket to the year's high of $76.13 a barrel, the troubled UPA coalition at the Centre abandoned thoughts of raising fuel prices, withdrawing the subsidy on cooking gas for the non-poor. The Indian basket comprises Oman-Dubai sour grade and Brent dated sweet crude in a 60:40 ratio. It is the government-owned oil companies that will bear the brunt of Rs 5.75 a litre loss on sale of diesel, Rs 3.35 on petrol and Rs 15.47 on kerosene and Rs 174.75 on every cylinder of...