The Outsider Posted August 28, 2013 Posted August 28, 2013 Diesel price increased by 3 rs per diesel..has gone up by approx.15 rs per litre in last 12 months The perfect reality of Bharat Nirmaan. Hail Matarome Hope you are aware that oil has touched $110/barrel, with prospects indicating higher prices, and the government already subsidizes around Rs. 15 per liter on Diesel.
saneindian Posted August 28, 2013 Posted August 28, 2013 Hope you are aware that oil has touched $110/barrel' date=' with prospects indicating higher prices, and [b']the government already subsidizes around Rs. 15 per liter on Diesel. First they tax petro products heavily (roughly 40% of MRP) and then say we are subsidizing! In any case as an aam aadmi, why would I be worried about global crude prices. All I know is my fuel bill has gone up by 40% in 12 months, food prices along with veggies and fruits have gone up by at least 15%, healthcare cost is up, rentals have risen, EMIs on car and homeloan has gone up, school tuition fees for kids are up 10-15% whereas salary hikes have been hardly 8-10%. All in all I am poorer by at least 15% compared to where I was 12 months ago. And there is no respite likely in the future. And to make it worse, I was among those who voted for this joker MMS in 2009 :((
diga Posted August 28, 2013 Posted August 28, 2013 First they tax petro products heavily (roughly 40% of MRP) and then say we are subsidizing! In any case as an aam aadmi, why would I be worried about global crude prices. Govt needs to increase the petrol/diesel prices by atleast 20% to offset the fall in Rupee.. I guess they will not do it till the end of Parliament session to control the opposition protests. Somebody is paying dearly for this stupidity :wall:
RedFever Posted August 28, 2013 Posted August 28, 2013 First they tax petro products heavily (roughly 40% of MRP) and then say we are subsidizing! In any case as an aam aadmi, why would I be worried about global crude prices. All I know is my fuel bill has gone up by 40% in 12 months, food prices along with veggies and fruits have gone up by at least 15%, healthcare cost is up, rentals have risen, EMIs on car and homeloan has gone up, school tuition fees for kids are up 10-15% whereas salary hikes have been hardly 8-10%. All in all I am poorer by at least 15% compared to where I was 12 months ago. And there is no respite likely in the future. And to make it worse, I was among those who voted for this joker MMS in 2009 :(( :hysterical:
randomGuy Posted August 28, 2013 Posted August 28, 2013 First they tax petro products heavily (roughly 40% of MRP) and then say we are subsidizing! In any case as an aam aadmi, why would I be worried about global crude prices. All I know is my fuel bill has gone up by 40% in 12 months, food prices along with veggies and fruits have gone up by at least 15%, healthcare cost is up, rentals have risen, EMIs on car and homeloan has gone up, school tuition fees for kids are up 10-15% whereas salary hikes have been hardly 8-10%. All in all I am poorer by at least 15% compared to where I was 12 months ago. And there is no respite likely in the future. And to make it worse, I was among those who voted for this joker MMS in 2009 :(( :hysterical::hysterical:
randomGuy Posted August 28, 2013 Posted August 28, 2013 Govt needs to increase the petrol/diesel prices by atleast 20% to offset the fall in Rupee.. I guess they will not do it till the end of Parliament session to control the opposition protests. Somebody is paying dearly for this stupidity :wall: ++ Also, Import more oil from Iran. Iran and India's mutual trade is not in dollars. So, falling Rupee doesn't impact cost of oil imported from Iran That's what economist Ajit Ranade was saying today.
randomGuy Posted August 31, 2013 Posted August 31, 2013 ^^India to pay for Iran oil in Rupee, save $22 billion, cut CAD: http://www.hindustantimes.com/BusinessSectionPage/chunk-ht-ui-print-delhi-htbusiness/India-to-pay-for-Iran-oil-in-Rupee-save-22-billion-cut-CAD/Article1-1115237.aspx
saneindian Posted August 31, 2013 Posted August 31, 2013 ^^India to pay for Iran oil in Rupee, save $22 billion, cut CAD: http://www.hindustantimes.com/BusinessSectionPage/chunk-ht-ui-print-delhi-htbusiness/India-to-pay-for-Iran-oil-in-Rupee-save-22-billion-cut-CAD/Article1-1115237.aspx Haha so the Iranian tactics of impounding an Indian after we cut Oil imports from Iran (under US pressure) has worked. Officials calculate that importing, for instance, 10 million tonnes oil from Iran means saving $10 billion in foreign exchange outgo. During the last fiscal, India imported 13.1 million tonnes of oil from Iran, down from 18.11 million tonnes of 2011-12. What will happen to the commitment MMS gave to Hillary and Joe Bidden on cutting down relations with Iran?
randomGuy Posted August 31, 2013 Posted August 31, 2013 Haha so the Iranian tactics of impounding an Indian after we cut Oil imports from Iran (under US pressure) has worked. What will happen to the commitment MMS gave to Hillary and Joe Bidden on cutting down relations with Iran? Unfortunately, the commitment is inconsistent with India's needs. We got to lessen the demand for dollar. India ran a trade-deficit of ~ $41 billion with china in 2012. As per Ajit Ranade, we should trade with China in local currencies and enter into agreements where the Chinese will have to invest some %age (like 50%age) of the trade deficit every year into different projects (like Delhi-Mumbai industrial corridor) in India.
saneindian Posted August 31, 2013 Posted August 31, 2013 Unfortunately, the commitment is inconsistent with India's needs. We got to lessen the demand for dollar. India ran a trade-deficit of ~ $41 billion with china in 2012. As per Ajit Ranade, we should trade with China in local currencies and enter into agreements where the Chinese will have to invest some %age (like 50%age) of the trade deficit every year into different projects (like Delhi-Mumbai industrial corridor) in India. One danda from the Amreekis will be enough for Mannu bhai to do a complete U-turn. All this talk of paying in local currency etc is bunkum IMO and a superficial talk to soothe some nerves.
randomGuy Posted August 31, 2013 Posted August 31, 2013 Panel to look into currency swap for trade: Anand Sharma "The purpose of the task force is limited to examine swap of national currency for trade which is distinct from currency swap agreements of Central Banks," an official statement said. Need currency swap pacts with important trade partners: Anand Sharma, Commerce and Industry Minister
Mariyam Posted September 2, 2013 Posted September 2, 2013 Govt needs to increase the petrol/diesel prices by atleast 20% to offset the fall in Rupee.. I guess they will not do it till the end of Parliament session to control the opposition protests. Somebody is paying dearly for this stupidity :wall: Or we could not trade in Dollars. I think we have some such agreement with Iran and Nigeria where we trade in Rupees and occasionally in gold.
diga Posted September 2, 2013 Posted September 2, 2013 Or we could not trade in Dollars. I think we have some such agreement with Iran and Nigeria where we trade in Rupees and occasionally in gold. I think we somehow lost the oil exploration race with China.. in various parts of the world. China's consumption & the growth rate has somehow not affected its currency as much as India has been affected. Did we not reduce the Iran dependency due to US pressure and got the Nuclear deal for it?
Recommended Posts