If I can save 25 billion dollars in terms of reduction of import, I will be adding one percent to the GDP. By conserving the oil energy by the people, the GDP will become 5.5 percent, and this will change the economy of the country.
Petrol price is a deregulated commodity, price of which is decided by our oil marketing companies based on input cost and other parameters.
We need to do more to conserve fuel or face tougher choices such as steep price increase or even quantitative restrictions.
There are people with vested interest who do not want us to reform our energy sector so that we remain dependent on imports. All reform moves are resisted. Bureaucrats are hesitant to take bold decisions.
