Translate

Showing posts with label Common Man. Show all posts
Showing posts with label Common Man. Show all posts

Rising Prices of Petroleum Products

Rising Prices of Petroleum Products, what can a common man do?

-Dr. Lalit Kumar Setia

Rising Prices of Petroleum Products

India meets its energy requirements by importing crude oil and the rise in the global prices of crude oil directly affects the prices of petroleum products in India. The Oil Marketing Companies have been allowed to revise the rates of petroleum products keeping in view the global prices of crude oil. During the lockdown period of the year 2019, the crude oil price went down from $66 to $19 per barrel.

The portal of mypetrolprice.com clearly plot the prices of Petrol and Diesel during the last 6 months as under:

Rising Petrol Prices
                      Source – Portal of mypetrolprice.com (retrieved on 20th October 2021)

The price of petrol and diesel increased to Rs. 105.84 and Rs. 94 consequently. 

Impact of Rupee Dollar Exchange Rate on Prices of Petroleum Products

The Oil Marketing Companies procure the crude oil by making payments in Dollars while the sale of petroleum products is realized from Indian consumers in Rupee. In case, the value of the rupee falls the amount of sales consideration is also reduced due to the impact of the rupee-dollar exchange rate.

Global Demand of Crude Oil

During Covid-19 in the year 2019, the crude oil price went down from $66 to $19 per barrel due to lockdown and lack of demand globally. The Organization of Petroleum Export Countries (OPEC) and Russia agreed to cut the production of crude oil. The demand is rising but the supply of crude is not increasing, therefore, the price of crude is continuously increasing.

How Indian economy is affected by the high prices of petroleum products?

India is one of the largest crude oil-importing countries and the rising prices of crude oil adversely affect the whole economy particularly Agriculture, Transportation, Industrial Production, and Rate of Inflation.

The cost of transportation of goods increases and the prices of commodities also increase. The crude oil is purchased in Dollars and it also reduces the value of the rupee in terms of the dollar.

What can a common man do?

The highest power of a consumer is, to refuse to buy. But in the case of petrol and diesel, it is not possible to refuse to buy these products because the consumers are required to meet the requirements of their vehicles to travel for various essential needs. Instead of that, the common man can decide various things to reduce the adverse impact of rising prices of petroleum prices.

a. Using walk and adopting Electrical Vehicles and Bi-cycles

It has become a common habit of people to visit locally in the city using personal vehicles. With the rise in prices of petroleum products, the people feeling the heat of rising prices should adopt walking nearby places than approaching with the help of personal vehicles.

Reduction in visits to the market

Frequent visits to the market can be planned in a way that only one visit sorts out all purposes. Plan your trip so that you don’t necessarily have to make further trips each day. It will save you a lot of money compared to hopping from place to place unnecessarily. Just keep the idea in mind when making your plans, and keep your transportation to a minimum.

In case, it is not possible to cover the distances by walking on foot, prefer to use electric vehicles or bi-cycles instead of vehicles using petrol and diesel. When you replace 4-wheeler with 2-wheeler, the cost of transportation is reduced to a great extent.

b. Giving preference to modes of public transportation

Try to replace your trips by using public transportation such as trains and buses. The cost of operating and using a car to cover the distances include fuel, maintenance, parking, etc. In developed nations, sharing rides between neighbors is common, the carpooling can reduce the cost of travel. In case, public transportation is used for journeys instead of operating own car, the heat of rising prices of petrol and diesel can be reduced.

c. Purchase locally grown Vegetables and Fruits

The transportation cost of vegetables and fruits can be set off by purchasing locally grown vegetables and fruits than to purchase imported vegetables and fruits.

d. Preference for milk and dairy products

In villages, people depend mostly upon milk and dairy products for meeting the requirements of their diet. The locally available milk and dairy products don’t include the cost of transportation and in case, people prefer to use milk and dairy products, the heat of rising prices of petrol and diesel will automatically set off.

*Copyright © 2021 Dr. Lalit Kumar. All rights reserved.

This content was written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was published on 1st November 2021 and last updated on 1st November 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

More Articles


पेट्रोलियम उत्पादों की बढ़ती कीमतें, एक आम आदमी क्या कर सकता है?

- डॉ ललित कुमार सेतिया

कच्चे तेल की वैश्विक कीमतों में वृद्धि भारत में पेट्रोलियम उत्पादों की कीमतों को सीधे प्रभावित करती है। तेल विपणन कंपनियों को कच्चे तेल की वैश्विक कीमतों को ध्यान में रखते हुए पेट्रोलियम उत्पादों की दरों में संशोधन करने की अनुमति दी गई है। वर्ष 2019 की लॉकडाउन अवधि के दौरान कच्चे तेल की कीमत 66 डॉलर से घटकर 19 डॉलर प्रति बैरल हो गई।

mypetrolprice.com का पोर्टल पिछले 6 महीनों के दौरान पेट्रोल और डीजल की कीमतों को स्पष्ट रूप से निम्नानुसार दर्शाता है:

Rising Petrol Prices

          स्रोत - mypetrolprice.com का पोर्टल (सूचना 20 अक्टूबर 2021 को प्राप्त की गई थी)

पेट्रोल और डीजल की कीमत बढ़कर क्रमशः रु.105.84 और रु.94 हो गई है।ऐसे में आम आदमी क्या कर सकता है?

एक उपभोक्ता की सर्वोच्च शक्ति है, खरीदने से इंकार करना। लेकिन पेट्रोल और डीजल के मामले में इन उत्पादों को खरीदने से इंकार करना संभव नहीं है क्योंकि उपभोक्ताओं की अपनी आवश्यकताओं को पूरा करने के लिए वाहनों पर भारी निर्भरता है। वाहनों पर निर्भरता कम करने का समय आ गया है.

निम्नलिखित निर्णय आम आदमी और राष्ट्र की सहायता कर सकते हैं:

1. स्थानीय बाजार और स्थानीय स्थानों पर जाने के लिए पैदल चलने का अधिकतम उपयोग करने का प्रयास करें।

2. अगर आपके पास समय की कमी है तो ही साइकिल और इलेक्ट्रॉनिक वाहनों का प्रयोग करें।

3. अपने कार्यों की योजना इस तरह बनाएं कि अधिकांश कार्य केवल एक या दो यात्राओं में ही पूरे हो जाएं।

4. किसी भी मामले में, यदि वाहनों का उपयोग करना वास्तव में आवश्यक हो जाता है तो सार्वजनिक परिवहन को वरीयता दें।

5. दुपहिया वाहन से जो यात्राएं की जा सकती हैं उन्हें कभी भी चौपहिया वाहन से नहीं करना। यह आपको पेट्रोलियम उत्पादों की बढ़ती कीमतों के प्रभाव से बचाएगा।

6. सार्वजनिक परिवहन के साधनों को वरीयता देना - सार्वजनिक परिवहन जैसे ट्रेनों और बसों का उपयोग करके अपनी यात्राएँ करने का प्रयास करें।

7. कार का उपयोग करके यात्रा करने की लागत में ईंधन, रखरखाव, पार्किंग आदि का खर्च शामिल है। विकसित देशों में, पड़ोसियों के बीच कारों को साझा करना आम है, इसे कारपूलिंग के रूप में जाना जाता है, यह यात्रा की लागत को कम कर सकता है। हम कार साझा क्यों नहीं करते, अगर मंजिल एक ही है और हम दो अलग-अलग कारों के साथ जा रहे हैं।

8. स्थानीय रूप से उगाई गई सब्जियां और फल खरीदें - यदि लोग स्थानीय सब्जियां खरीदना शुरू कर देंगे, तो स्थानीय किसान अधिक खुश होंगे और सब्जियों की लागत भी कम होगी। लागत कम होगी तो सब्जियों के दाम अपने आप कम हो जाएंगे। आज सब्जियों और फलों की कीमतें अधिक हैं क्योंकि उनकी परिवहन लागत अधिक है। आइए हम जनता को स्थानीय रूप से उगाई जाने वाली सब्जियों और फलों को वरीयता देने के लिए जागरूक करें।

9. दूध और डेयरी उत्पादों को दें वरीयता - गांवों में, लोग अपने आहार की आवश्यकताओं को पूरा करने के लिए ज्यादातर दूध और डेयरी उत्पादों पर निर्भर हैं। स्थानीय रूप से उपलब्ध दूध और डेयरी उत्पादों में परिवहन की लागत शामिल नहीं होती है और अगर लोग दूध और डेयरी उत्पादों का उपयोग करना पसंद करते हैं, तो पेट्रोल और डीजल की बढ़ती कीमतों का असर अपने आप बंद हो जाएगा।

*Copyright © 2021 Dr. Lalit Kumar. All rights reserved.

This content was written by Dr. Lalit Kumar Setia; a renowned author and trainer. He completed his Doctorate in Commerce from Kurukshetra University Kurukshetra and MBA in Information Technology from GJU, Hisar. He also wrote two books, 15 research papers, and organized more than 200 Training Courses during his working period since 2006 in Haryana Institute of Public Administration, Gurugram. The article was published on 1st November 2021 and last updated on 1st November 2021. The writer can be contacted on lalitkumarsetia@gmail.com 

More Articles

Auto_1

Horizontal Responsive1

Popular Posts

LoP_1

Special Offer!

Funny Baba

Free Seminars

Featured post

Dr. Lalit Setia CV

Free Notes

Tips to Grow

Earn Money

Popular Posts

Free Download

Tax Saving

Fun in Life

Labels

Professional Guidance Government Income Tax Tax Deduction at Source General Knowledge Important Questions Income Tax TDS Accounting Deduction Governance Haryana Income Tax Return Latest Questions Competitive Examination Current Affairs Drawing and Disbursing Officer Audit Auditing Covid Financial Financial Management Financial Terminology Goods and Services Tax India Knowledge Lalit Kumar Lalit Kumar Setia Money Skills Tax Planning Virus Accounts Attitude Banking Compliance Currency Economic Problem Employee Facts Free Notes Functions GST Government Accounting Government eMarketplace Incomes Information Interest Omicron Virus Organization Payment Science Scientific Causes Section 80C TDS on GST Tips Tricks Very Important Questions answers Administration Advance Tax Anti-Virus Automatic Back Up Balance Sheet Bitcoin Certificate of TDS Computer Control Corruption Creativity Cryptocurrency DDOs Deductions Deductor Deductors Development Dr. Lalit Kumar Duties EPS Economy Employer English Evaluation Example Expenditure FAQs Finance Financial Accounting Financial Administration Financial Control Frustration GeM General Studies Geography Google HRA Information Technology Investment Life Management Meditation Omicron Performance Planning Positivity Process Procurement Public Public Administration Public Services Purchase Matters Questions on General Studies Resources Resume Saving Services Stress Success System Tax Collection Taxable income Technique Technology Tender Training Trust 26AS 80GG 80GGC AIS Statement ATM Abatement Abbreviations About Dr. Lalit Setia Accountant's Duties Accounting Heads Accounting Standards Accounts Branch Accrual Accumulated Fund Act Action Administrative Admissibility of DA Advance Allowance Almighty Amalgamation Amazon Amount Amrapali Group Android Annual General Meeting Annual Information Statement Anomaly Anti-Corruption Anti-virus Protection Antonyms Appraisal Appreciation Arbitrator Arrears Articles of Association Asset Auctio Audit concerns in procurement Automated Teller Machine Automatic Teller Machine Autorised Capital Average Award Bad Debts Balance of Payments Bankrupt Barter Benchmark Bhagat Prahlad Bid Bikaner Bio-Data Bitcoins Bitcoins Network Block Chain Blood Breathing Bribe Buddha Budget C M Window CV Canada Cards Caring Nature Cash Book Cash Flows Central Bank Chapter Character China Clerks Commitment Common Man Communication Communization Competitive Examinations Computation Computer Virus Computerization Conflict Contacts Contribution of Employees Corona Crime Crude Oil Culture Curriculum Vitae Custody Cyber Cybercrime Data Dearness Allowance Debit and Credit Decision Making Deduction under section 80GG Delay in Service Delhi Department Dera Sacha Sauda Desktop Devices Digital Transformation Double Click Double Entry System Dr. Lalit Setia EPF Earnest Money Deposit Earning Money Economic Growth Electronic Payment System Employment Energy Solutions Environment Evasion Examination Exempt Exemption Exemptions Expenditures Experience Exploitation Facebook Failure Festivals Final Accounts Financial Rules Financial Statements Formula Frauds Games General Generation Gap Goals Google search bar Government Deductor Government Officers Grades of Employees Gurmeet Ram Rahim Singh HRMS HUF Harish Chandra Higher Education Hindu Undivided Family History Home Loan House Building Advance House Property House Rent Allowance How to stay protected Human Resource Management System Humanity IAS Officers IT Skills ITR Importance Income Statement Income Tax Changes Income Tax Refund Income and Expenditure Account Income from Gifts Indirect Cost Innovation Internet Interpersonal Interpretation Inventory Inventory Management Investigation Investments Irregularities Jiomeet App Jokes Kids Labour Laptop Laundering Leadership Leadership Tussle Learn Learn English Learn Excel Shortcuts Learning Ledger Ledgers Liquidity Logical Lokpal Lost Crypto currencies Love MS-Office MS-Word Maldives Mankind Mask Material Mathematics Matters Meaning Measurement Equipment Meerabai Messages Methods Minimum Income Scheme Misuse Mitigation Mobile Monitor Monitoring Morality Motivation Mumbai Lockdown NPS National Highways National Pension National Pension System Nationwide Payment News Non Performing Assets Non-performance Official Life One Liner Questions Outstanding PAN number Pakistan Parents tips Pebbles Penalty Pension Per Day DA Petroleum Phonebook Practices Prevention Prices Prime Minister Private Gain Probability Problem Procedure Protection Publica Publishing Purchase Question Quotation Quotes Rational Decisions Rebate Reforms Register Registration Relationship Rent Paid Reporting Research Retirement Robert Vadra SAP SWOT Analysis Saint Ravi Dass Salaries Saudi Arabia Scam Scientific Searching emails Section 234 (a) Section 234 (b) Section 234 (c) Section 87A Security Security of Bitcoins Self Growth Shortcut Smashwords Social Activists Software Space Speculation Spyware Standard Deduction Standard Deduction on Salaries Standards Statistics Story on Husband and Wife Study Material Sugamya Pustakalaya Superintendent Symbols Symptoms of Omicron Synonyms TA Rules TAN TDS Payment Talent Search Tax Credit Taxation Taxpayers Techniques for fast and efficient work Thought Tips for Students Toddlers Tools of Rulers Tourism Trial Balance Type UCP Uncertainty Unemployment Uniformity Unique Code of Payee United States of America Users Using Asterisk Using Quotes Using Site Using minus Utilization Utilization Certificate Vigilance Bureau Whatsapp Working Capital e-Payments e-filing eMarketplace eProcurement financial procedures gmail immunity innovative solutions pandemic records management red-handed speed vaccine बैंकिग मापने वाले यंत्र राष्ट्रीय राजमार्ग

Happy Moments

Learn and Update

Popular Posts

Auto_1

Horizontal Responsive1