Stop scraping the barrel

India, for some odd reason, has not been preoccupied with the possibility of sustained high oil prices. This is despite the fact that we are a major importer of oil and are in the middle of a major transition towards much greater energy consumption. It is also despite the fact that we pay through our nose to keep oil prices in check. The oil subsidy bill is likely to be close to Rs 85,000 crore this fiscal year (the budgeted amount was incidentally a relatively meagre Rs 24,000 crore).

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