Indian Oil Corporation ( IOC ) to raise petrol prices in India

Indian Oil Corporation, India's largest oil firm, may increase petrol prices all throughout the country. The exact increase that can happen is not known currently. Average per liter price is Rs: 65/- in India +- Rs:4/- according to the various cities. It is estimated that IOC makes a loss of about Rs:7/- per liter currently. Add tax to it and it makes about Rs:7.50/- loss considering the current price. If the prices are increased by anything more than Rs:5/- per liter than that is going to disturb the environment nationally. Prices are regulated by the government and common public in India blames the government for any fuel price rise without knowing that global prices are actually very high than what we get in India. The government and Indian oil companies always try to keep a balance but oil companies just cannot keep making losses, some or the other time the burden has to pass to the people who are actually using the vehicles.

IOC was losing Rs 297 crore per day on selling diesel, domestic LPG and kerosene at the government controlled rates. IOC is losing about Rs:18/- per litre on diesel, Rs 28/- per litre on kerosene and whooping Rs:315/- per LPG cylinder (14.2 kg domestic cylinder). The total debt of IOC was around Rs:53,000/- crore at the end of March, 2011 and is growing at the rate of Rs:5,000/- crore per month! This cannot continue forever! Price rise is the only solution.  Is there any else?

Great Reading - THE INDIAN ELECTIONS!

This is what The NewYork Times is speaking about Indian elections.... it's very well said...please read.

It is truly the greatest show on Earth, an ode to a diverse and democratic ethos, where 700 million + of humanity vote, providing theirsmall part in directing their ancient civilization into the future. Itis no less impressive when done in a neighborhood which includesde-stabilizing and violent Pakistan, China, and Burma.

Its challenges are immense, more so probably than anywhere else, particularly in development and fending off terrorism -- but consideringthese challenges and its neighbors, it is even more astounding that themost diverse nation on Earth, with hundreds of languages, all religionsand cultures, is not only surviving, but thriving.

The nation where Hinduism, Buddhism, Jainism, and Sikhism were born,which is the second largest Muslim nation on Earth; where Christianity has existed for 2000 years; where the oldest Jewish synagogues andJewish communities have resided since the Romans burnt their 2nd temple;where the Dalai Lama and the Tibetan government in exile reside; wherethe Zorostrians from Persia have thrived since being thrown out of theirancient homeland; where Armenians and Syrians and many others have tocome live; where the Paris-based OECD said was the largest economy onEarth for 1500 of the last 2000 years, including the 2nd largest, only200 years ago; where 3 Muslim Presidents have been elected, where a Sikhis Prime Minister and the head of the ruling party a Catholic Italian woman, where the President is also a woman, succeeding a Muslim President who as a rocket scientist is a hero in the nation; where abooming economy is lifting 40 million out of poverty each year and isexpected to have the majority of its population in the middle classalready, equal to the entire US population, by 2025; where its optimismand vibrancy is manifested in its movies, arts, economic growth, and voting, despite all the incredible challenges and hardships; where all the great powers are vying for influence, as it itself finds its place in the world.

Where all of this is happening, is India, and as greater than 1/10th ofhumanity gets ready to vote, it is an inspiration to all the World.

- V Mitchell, New York, NY