Financial Daily from THE HINDU group of publications
Friday, Apr 02, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 02, 2004 |
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Opinion
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Letters Crude price
OPEC's decision to cut crude output to prevent price collapse must be worrying India. The oil companies in India are already concerned over the rising price per barrel of crude procurement. Thanks to elections, they have not been able to transfer this price burden to consumers as yet. While there is an open acknowledgement of no-fall-in-demand situation globally, unlike in previous years due to clear reasons, which include China's growing and consistent demand for oil, OPEC's rationale is a reason for worry in India, as the country heavily depend on import (about two-thirds of the total demand). Also, the fact that every dollar price rise will reflect in the country's books as Rs 2,800 crore additional spend on this one commodity is worrisome. Sekhar Venkata Avadhanam Letters to the editor and contributions can be sent by e-mail to: bleditor@thehindu.co.in
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