The BJP currently claims to have reduced prices from the sky-high Rs. 73 per liter in July 2014 to Rs. 61 as of January 2015 (Delhi rates). However, they tell one part of the story which favours them, in a horrific tale of poor planning and misgovernance.
International crude oil prices, which is something that the Modi government has no control over, have fallen 46% from January 2014 to January 2015. In the same time, petrol prices in India have reduced only 14% whilst even neighbouring ravaged and war-torn Pakistan has reduced prices by 29%. Even more shockingly, the Modi government has increased the excise duty from Rs. 9.5 to almost Rs. 15.4, a whopping 62.1%. They’re depending on more and more tax revenue to plug their spending, and not passing on any benefit in crude oil prices to the middle-class consumer.
The BJP government has no plans outlined to increase domestic production, tangible steps to increase renewable energy usage, roadmap to increase PSU efficiency, or even a will to strongly enforce contracts like the Reliance KG-D6 basin issue.
Is this knee jerk uncontrollable response to global geopolitics another name of good governance? Is having no long-term plans to change the energy production and consumption pattern, something that people voted for?
We’d love to hear your views.
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