UPA Government's Gigantic Fraud on the Indian People

It is shame for UPA government for unprecedented hike in the price of diesel and limiting of six cooking gas cylinders per family per year. Th hike in the price of diesel will have a cascading inflationary impact imposing greater burdens on the already suffering people. Agricultural sector and farmers will particularly suffer. The limiting of cooking gas cylinders will adversely impact on the livelihood condition of crores of families across the country.

This UPA 2 government's reasoning that such hikes were inevitable because of the ' burning losses' of oil companies is a patent falsehood. The oil and natural gas giant, ONGC, declared a net profit of Rs. 25,123 crores fro the year 2011-12.
For the next quarter ending June 30, 2012, it has reported a further growth in profit of 48.4 percent. The IOC has reported a net profit of Rs. 4,265.27 crores for 2011-12. The Hindustan Petroleum Corporation Ltd (HPCL) reported a net profit of Rs. 911 crores. Interestingly, for the last quarter of the fiscal, January-March 2012, its net profit increased by 312 percent. The Bharat Petroleum has reported a net profit of Rs. 1,546.68 crores.

This UPA 2 government is thus committing a gigantic fraud on the Indian people.

It is the time to unite and organise strong protest actions against the imposition of such severe economic burdens and to force the UPA 2 government to roll back this unreasonable hike in the prices of diesel and limiting cooking gas cylinders.