Stop Prostests against Petrol Price Hike In India
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Nowadays, countrymen are protesting against Petrol Price Hike in India. They are doing this without even knowing the reasons behind it. If all of us can remember, PM Modi visited Iran and cleared the first installment of the existing petrol dues. The country imports 400,000 barrels of petrol per day i.e. bpd from Iran. During his last vist, Indian refiners clear part of Rs 43,000 crore dues to Iran. Still we have 55% of the main due left. This is happened cause of Iran's 45:55 payment mechanism which is set just after sanctions that were imposed on Iran over its nuclear programme in 2011, blocking financial channels. During PM's visit, MRPL paid $500 million, IOC paid $250 million and private sector Essar Oil paid $500 million. The refiners cleared part of their outstanding towards crude oil they buy from Iran, through Union Bank of India which in turn transmitted the payment to National Iranian Oil Co (NIOC) through HalkBank of Turkey. That was first payment done by Indian refiners in foreign currency since lifting of sanctions against Iran in January this year.
The point is we still need to pay a huge amount of money. Protesting will not do it. Some of the people have questions in mind that why didn't they paid the outstanding amount from the Indian treasure. Fellas, it is a good idea but it has major con that is the value of indian rupees will fall down at a fatser phase than that of a falling object.
And the cherry of the ice-cream is that, it would be an act of smartian if all of us cooperate with the actions of government and try to understand the reasons behind the steps of OUR elected representative rather than protesting.
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