Journal of Applied Management- Jidnyasa

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The crude oil prices have crossed $125 per barrel in global markets. We in India (read the Government) have steadfastly refused to revise retail oil and gas prices. The last revision by official fiat took place when the oil prices were $67 per barrel! Thus, even after the price have nearly doubled, we continue to sell iol and it's products at hugely subsidised prices. This has, inevitably, resulted in huge under-recoveries for the public sector oil marketing companies. The private sector oil retailing firms have closed down for being in no position to compete with the PSU firms.
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