The suggestion being considered to deregulate petroleum prices is an eminently sensible one. Since no government can afford to let prices spiral, the plan envisages full freedom to Indian petroleum companies to charge market prices provided global crude prices stay below $75 a barrel. The moment crude oil prices touch this level, the government will step in and start putting caps on prices. The only thing it must do is to announce that it will bear the burden of any subsidies. This will encourage private investors and send the stock prices of government-owned companies soaring.
Salil Sinha, Mumbai
