Petro smuggling – the new business opportunity
With Democratic Socialistic States highly subsidising petro prices, the temptation to smuggle petrol across the border, where there is no subsidy, is really tempting.
Sultanate of Brunei is now worried about smuggling of its precious petrol to neighbouring countries. Even smaller cars are now being used to smuggle gasoline across the border, where prices have recently been hiked.
The Preventive and Intelligence Unit of the Royal Brunei Customs and Excise Department has claimed that it foiled an attempt to smuggle 258 litres of petrol out of the country. YES! 258 litres of petrol being smuggled and the Customs foiling the attempt.
The subsidised fuel is far cheaper in Brunei compared to neighbouring Malaysia and Customs officers in Brunei continue to be on the lookout for smuggling of diesel and gasoline. Even fuel tanks of cars are being modified to carry more petrol.
As pointed out by a Netizen in our Message Board, we also face the real threat of smuggling of petrol to Nepal . Nepal has increased its prices to Rs. 100/per litre for petrol, Rs. 70/- for diesel, Rs 65/- for kerosene and Rs. 1200/per cylinder of LPG. Landlocked Nepal has no petro production and depends on India for its petro needs – imports or smuggled.
PSU OIL Companies to lose 1.8 Lakh Crores of rupees:
State-run oil firms are likely to lose Rs 1 ,80,000 Crores during the current fiscal after surge in international crude oil prices and weakening rupee made imports costlier. India imports 73 per cent of its crude oil import needs and the cost of imports would be mind boggling.
There is no political or economic logic in subsidising petro prices. If you need the petrol, pay the price for it and why should we subsidise petrol price in Maoist Nepal when our local communists do not understand economics? Why the Maoists in India have not launched an agitation against the huge hike in petro prices in Nepal , which the much condemned King had kept under control? Left, Right or Centre – the fact is the petro prices are rising and government can't really afford to pay your petro bills.