This article was last updated on April 16, 2022
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The latest rise in petrol price has now created difference of opinion among media, with The Times of India Group’s newspapers. For instance, outlining totally differing views and solutions followed by public chorus of disapproval and outcry. In the last 15 months, petrol prices in India have been seen as rising 12 times which are among the highest in the world.
The Navbharat Times (NBT) in an editorial has sharply criticized this scenario and asked for reducing taxes and wasteful government expenditure. On the other hand, The Economic Times (ET) stated that all petrol-products should be totally decontrolled and also sold by independent retailers as in the US, this is to allow for real competition in the market place. The Times of India (TOI) has taken another line by limiting itself to the raise which it has declared as unnecessary. The explanation made by them is that this raise is not aligned to any international crude price hike and would lead to inflationary pressures.
NBT has also said that it sees price hike as “not taken by its sister publications: While one feels it is necessary from the economic point of view, the other one condemns it”.
“It will not only add to the inflationary pressure burning a hole in consumers’ pockets – it will promote the dieselization of the economy, which means more dirty air for India’s cities”, added TOI.
Apart from the views of TOI and NBT, ET ‘s stand on the subject has consistently been for full decontrol of petrol prices and for the additional duties on petrol which have led to the slanted pricing ratio vis a vis diesel to be withdrawn. It indeed has argued for opening up the fuel market for independent retailers so that increase in competition may lead to efficiency as well as cutting prices.
“Oil marketing companies use their oligopoly status to pad costs that exaggerate under recoveries, and these would disappear with competition”, stressed ET.
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