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Finance ministry advisor suggests small diesel price decontrol
Wednesday June 13, 2012 08:31:11 AM,
IANS
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Bangalore: The
finance ministry's Chief Economic Advisor, Kaushik Basu Tuesday
favoured decontrol of diesel price in a small and intelligent way
to insulate the country from spiralling global crude prices.
"We cannot decontrol diesel at full swing at this point of time
because price jump will be very large. But a controlled
intelligent decontrol is possible. I am still hopeful that will
happen," Basu told reporters on the margins of a function here.
Asserting that small steps towards decontrol could be taken, Basu
said they (steps) would enable people to learn that diesel was a
commodity, which at times would be expensive and other times
cheaper.
"A price is a signal to millions of consumers that we have a lot
less now than we can have. But if we hold diesel price completely
and constantly, you are switching off an important signal. People
have to realise that if global prices go up and if you shelter
them by holding this (decontrol) up constantly, other prices will
rise," Basu noted.
Cautioning the people that if global crude prices continue to go
up, there would be no scope for shelter, the government's top
economist said if diesel becomes expensive, consumers could buy
less and when cheaper, they could buy more.
"Once global prices go up, there will be no shelter from holding
up the diesel price," Basu said after delivering the Fourth Raj
Bhavan Dr V.K.R.V. Rao Memorial Lecture' in the presence of
Karnataka Governor H.R. Bhardwaj and a select gathering.
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