Today, people of India suffered major setback when they learned about price hike of Oil and Gas. Government increased the price of Petrol by Rs 5, price of Diesel by Rs 3 and price of cooking Gas by Rs 50. Already, there were rumours in market about this increase in oil and gas prices in recent times because burden of subsides was increasing very rapidly on the oil companies.
If government of India has not increased prices of oil and gas today, then in future, oil companies may not have enough money left to buy crude oil from the international market. Therefore, price rise was only option left available with government of India. However, this price hike has shocked many poor and middle class people, who are already suffering from massive rise in inflation.
Therefore, this burden is unacceptable to large population of India which has not seen any increase in their earning power in recent times despite increase in earnings of higher middle class and rich people. In simple words, we can say that this burden is very high on large population of India and can easily make their lives more difficult. On the other hand, government of India hardly has any solution available for solving this problem because India depends on international market for its oil and gas needs.
Presently, international oil and gas market is seeing steep rise in prices of oil and gas, thus making it more difficult for Indian government to maintain prices under some control. Government of India is also required to give emphasis on certain other alternative sources for decreasing dependence of oil and gas. On the reverse side, our dependence on oil and gas is only increasing with each passing day. Present alarming state clearly points towards some solid alternatives options for becoming less dependent on oil and gas.