HOW INDIA CAN TACKLE THE BRENT CRUDE OIL PRICE HIKE ?
India imports more than 230 million tonne of crude oil per annum, with the outflow of foreign exchange due to crude oil import at present ( before this recent crude oil price hike) more than 27% of foreign exchange earnings.
To tackle such extremely difficult situation, Government of India should issue following orders urgently.
As substantial portion of crude oil are processed and used for transport sector, all petrol bunks in the country should be fully closed on Sunday. On other days, the public transport such as bus, train should be asked to curtail the services by 50% , until the brent crude oil price would come down.
To reduce the transportation , all public and private sector organisations should be asked to implement work from home policy for their employees to the maximum extent possible. In the case of industries, wherever possible, coal or biomass should be used as fuel instead of crude oil based petroleum products .
People should be asked to form a pool for transportation together wherever feasible. Ministers and bureaucrats should set an example by not using individual vehicles. The politicians are known to use of fleet of cars when they move from one place to another. Such practice should be banned.
Finally, Prime Minister should talk to the people over television and tell that countrymen should share the burden due to hike in the crude oil price and without people’s cooperation, government’s financial conditions will go haywire.
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