IT IS HIGH TIME TO THINK OF A "FUEL PRICE STABILIZATION FUND" IN INDIA

 

IT IS HIGH TIME TO THINK OF A "FUEL PRICE STABILIZATION FUND" IN INDIA
 

Today, on October 30, 2021; the Petrol Price has reached at Mumbai almost Rs 115/- per litre, at Bhopal Rs 118/-per litre, at Bangalore Rs 113/-per litre, at Delhi Rs 109/ per litre and at Hyderabad Rs. 113/- per litre, few paise + or - (plus or minus). Even in Ganganagar District of Rajasthan the Petrol Price has reached Rs. 121/- per litre. 

The Diesel prices have also reached the close vicinity. The Price details of today are published in the articles of media cited below. Definitely these are sky rocketing fuel prices. 

Let us accept the realities as without abusing anyone in bad language who says about high prices of Petrol and Diesel. It is always prudent to find a solution to the problem and not to suppress the problem by shouting or applying any force.

Now as on 30th October 2021, the Brent Crude oil price is USD 84 per barrel approximately and this is the situation. If the Crude oil price goes up more the prices will rise more and destroy some fundamentals of the economy. Therefore, this matter needs considerate thinking.

There is a vicious cycle created around the fuel economy so that whether the Centre or States, the Governments in India are dependent on taxes on the fuels to run their activity.

I have written a full article about a “ FUEL PRICE STABILIZATION FUND “ as back as in February, 2021, to be created for combating the situation. The Article is here in my Blog. 

The fuel price Stabilization fund can pay for crude oil price rise and the fund will be filled with savings when crude oil price is low. So that, the people and economy is not burdened by the sky rocketing price rise of the Petrol and Diesel or Hydrocarbon Fuel for which India is dependent on Crude Oil Imports.

The Governments still can retain their tax revenue reasonably. We in India are talking about Rs 100 lakh Crores investments else where but no time to think about it, it is a pity. 

It is high time to think about it before it goes out of control.

Media Article Links:

https://www.indiatoday.in/business/story/petrol-diesel-prices-today-fuel-rates-hiked-for-fourth-day-in-a-row-check-latest-rates-here-1871305-2021-10-30

https://www.firstpost.com/business/petrol-diesel-prices-today-rates-hiked-again-on-30-october-at-fresh-all-time-highs-check-rates-here-10097261.html

https://www.news18.com/news/business/petrol-price-today-hikes-to-rs-108-99-in-delhi-rs-114-81-in-mumbai-check-fuel-rates-4381370.html


About the Author : Dr. Nimain Charan  Biswal is a B.Sc.(Agri. Science and Technology), M.B.A. and Ph.D.(Management Area ) by qualifications and he has 35+ years of work experience in both  industrial and development sectors in diversified fields of social importance. He has been educated at Orissa University of Agriculture and Technology (OUAT)-Bhubaneswar, Institute of Rural Management Anand (IRMA) and Gujarat University (with Resource Support of IIM-Ahmedabad). Dr.Biswal is further educated at IIM-Calcutta, XLRI-Jamshedpur, Apple Computer Industries and Spar Inc., USA. He has worked for reputed National and International Organisations in Senior/Top Management Capacities at Board level as well as Managing Director and CEO. He is a management expert covering extensive areas from management in agriculture, industrial management, development management to management of public systems. He is a prominent professional of India and known Internationally as well. He lives at Mumbai in India.


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