The Financial results of Q1 of the Oil Sector have been released by both PSUs and Private Companies. In accordance to the results declared and available in Public Domain, IOCL has suffered a loss of Rs 1992 crore, BPCL Rs 6291 crore and HPCL 10196.94 crore. The three Oil PSUs have incurred a total loss to the tune of Rs.18,479 crore.
Whereas, if one is to compare merely one Private Company in Oil & Gas domain viz. Reliance Petroleum, it has registered a profit of Rs 19,443 in the same Quarter a tremendous jumps in profit .
Newsip Oil and Gas sector Analysts & Experts had already reported that in the coming time , State – owned Oil Companies could lose due to Govt. Policies while Private Companies continue profiteering. Today, our analysis stands proven and sealed. The refrain of Policy Makers and Economists have always been that Govt. needs to exit Businesses in totality. The reasons cited are inefficiancy and constant loss making. This time round though the losses incurred by Oil PSUs is certainly not due to their inefficiancy or wrong decisions. Its the Govt. Policies and Private Sector who have to take the blame. The common man has started asking questions. Are such privitization policies going to result in making Monopolies and Oil Oligarchs who will squeeze the common man to the last paisa? The current situation has amply brought out the chicanerous behaviour of private players to the fore. The private players dont hesitate to take largesse from the Government but continue to betray Indian consumers. Thank god that the privatization deals of some Oil PSUs fell through else the hapless Indian Citizens would have had to face protacted dry out of Petrol Bunkers and Gas Outlets. A Srilanka like situation would have come to pass with Private Players making a quick buck at the cost of common man.
This brings us to the vital question are there any lessons to be learnt by both the Government and Common Man? The British made Bureaucratic systems have time and again failed the nation. Arrogant Babus and advisors with no accountability or understanding of technicalties have continued to fall short of expectations but manage to ensure their continuity all costs. The nation as a whole has to do an introspection or else time and time again it will continue to be confronted with major difficulties….Be it handling fallouts of China- Taiwan Conflict or MonkeyPox Outbreak