Daily Pricing Mechanism or Daily Looting Mechanism?
The biggest advantage being enjoyed by the Modi government is the steep fall in the price of crude oil, in the international market. The price of crude oil was more than 100 US dollars before 3 years. But, in the past 2 years, price of crude oil has steeply fallen and it is being sold at around 50 US dollars. For example, the price of crude oil in the international market was 54.10 US dollars in December, 2016, 50.41 US dollars in July, 2017 and 50.93 US dollars on 18th August, 2017 (source: marketrealist.com). Thus, the Modi government has saved billions of US dollars, by way of importing crude oil from international market. However, in our country, the prices of petrol and diesel are continuously being increased by the government, and the people are being silently looted. For example, the Hindu dated 30.08.2017 has reported that in the past 2 months alone the price of petrol has increased by Rs.6.02 per litre and the price of diesel is increased by Rs.3.89 per litre. The price of petrol in Chennai on 30.08.2017 is Rs.71.62 per litre and price of diesel is Rs.60.02 per litre. Of course, the government has invented a novel method to loot the people, by introducing the “Daily Pricing Mechanism”. As a result of the introduction of this method, common people are unable to understand how much the price has changed. The steady increase in the prices of petroleum products, increases prices of all the essential items, and the common people are suffering. Where is the assurance given by the Modi government to control price rise?