Indian Government subsidises public sector oil companies. However, oil sector is also the most taxed (highest in the world) by Government in India. Votaries of internationally failed and manipulative ' free economy' policy ( called Laissez Faire -an environment in which transactions between private parties are free from state intervention, including restrictive regulations, taxes, tariffs and enforced monopolies), or by different names from time to time to suit Imperialist/Rich Nation interests, have been pressurising the Government to de-regulate oil sector in India. The pressure has become intense after Reliance entered retail Oil business and opened a number of outlets in various parts of India, under a gameplan dangerous for Indian Economy and the peole of India(details in later post). Accordingly, Kirit Parikh Committee's recommendated on June 25, 2010, to deregulate them, and the willing Government went on its part to immediately implement it, notwithstanding the public ire which has overweighed their official and unofficial coffers being filled. This is the eighth hike in petrol prices after the Union government accepted the Kirit Parikh Committee's recommendation . So, don't be surprised if you see the closed Reliance Petrol outlets reopening, which had been closed down because Public Sector oil Companies sold @ Rs2/- per litre less and now they will sell @Rs5/- per litre more than Reliance.
To hell with Common Man woes.
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