Even if prices are raised now, the government will have already spent around Rs 5,500 crore in the current fiscal on this count. This amount will be debited to the oil pool account which is expected to cross the Rs 15,000-crore mark by March 31, 2001, if crude oil prices continue to rule over $32 a barrel.
The country is expected to consume around 112.83 million tonne of crude oil and petroleum products during 2000-01. Since 40 per cent of this consumption is expected to be that of HSD, it implies that the total diesel consumption in the country during the current year will be about 45.132 million tonne.
Petroleum minister Ram Naik told the Parliamentary Consultative Committee on August 17 that