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Showing posts with label Prices. Show all posts
Showing posts with label Prices. 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 

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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 

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