How to Deal with High Oil Prices?

Some of the ways of dealing with the high oil price.

1. By using a public vehicle instead of a private vehicle.

2. Promote the use of electrical vehicles among the vehicle and also by giving some rebate on buying.

3. Increasing global warming in the environment.

4. Reducing the tax price of petrol.

5. Promoting health care program of walking running benefit.

The rapid rise of oil prices is a very big problem for us. It has many reasons for rising prices day by day. At present time all family members have there own vehicle. Some people thinks that it shows his status. There are such ways by which we can stop the prices - prefer public transport over private transport. It will reduce pollution also. Use alternatives like electric vehicles and CNG based vehicles. Instead of importing oils India must work towards producing its own oil.

Good afternoon everyone.

I am Akash.

The rapid rise in oil price is a big problem all Indians are facing currently. There are ample of strategies to cope up with this crisis. I would like to mention three of them:

1) Prefer public transport over private transport. Use carpool. This will not only cut down your expenditure on oil but also cut down your car maintenance expenditure. It will decrease pollution also.

2) Research should be done to bring in more fuel-efficient and light vehicles. This will decrease the consumption of oil.

3) Rather than importing oil from foreign countries India must start producing its own oil. Research and technology can help in achieving that.

So, I conclude oil is essential commodities for all of us. As soon as the COVID-19 led lockdowns were relaxed, oil prices increased rapidly. People resorted to private transport over public transport because of the COVID-19 fear. Oil is a major source of Government to generate revenue. The government must subsidize oil price for poor people. So, It is the hand of government and people to mitigate this high oil price crisis.

High oil prices can have big effects on the economy.

The transportation charges will hike. So, the common man may opt for public transportation or a shared ride. The consumption of products will be reduced as the prices rise. So, the government and industries will be forced to look for alternative ways to stabilise the economy. Make in India should be effectively implemented. Exports should be more than imports to reduce tax burden on people and keep the economy going. Government can take this as an opportunity to promote electric vehicles. The government should support enterprises that may be on the verge of shutting down. Both the government and industries should come together to work on other energy sources like solar energy, wind energy, hydro-electric energy, etc. For future reference, manufacturing units should be set up in coastal areas for easy transportation.

Good afternoon everyone one,

As we all know the price of any product is depends on the demand and supply forces and the same is in the case of oil also. The demand of oil in India is very high as in India mostly in every family each member has there own vehicle, some are considering it as a status symbol also.

To deal with this we have to take the following steps such as:.

*We have to use alternatives like use of electric vehicles, CNG based vehicles, try to walk for shorter distance,

*Use of alternative means such as scooter pool, car pool, and use of public transport which will reduce use of fuel. Also pollution can be reduced as well as it also helps In management of traffic,

*For reducing our dependence on foreign countries for the fuel, we have to try to improve are technology and production techniques so that oil can be produced on India. This can be done through proper research and analysis.

Thank you.

Hi, I'm Manu.

We have to reduce using of oil and we have to conserve energy for travel it is one of the non-renewable sources after some time for our children petrol will not get so we have to save oil.

There are a number of ways by which we Indians can deal with high oil prices. Basically, some people like to show of their wealth and status in society. So they buy more vehicles such as expensive cars and bikes. In this age of hoarding, it is very rare for us to find someone who is genuinely concerned about society and the environment.

We do have a lack of infrastructural facilities. Public transportation systems are not upgraded enough. Roads are even not well constructed for smooth access which ultimately results in the increased usage of petroleum products. This age of technology provides us with many opportunities to harness our country's resources. Improving public transportation system and making it suitable for differently-abled and weaker sections of the society. It will be definitely the first step towards change. Improving our roads so that it will enhance the efficiency of the public transportation system and make way for smooth travel. Smooth roads are also in a way bicycle-friendly.

We should move toward alternative modes of transportation which are more environment-friendly. Electric cars and vehicles are a new thing in the market which could be put to use for reducing our dependence on import of oil. Most importantly awareness must be created among the people for switching to a more environmental friendly transportation system. Reducing the demand for oil imports will ultimately curb down the prices. It will take a long period of time provided we take small individual steps to tackle the situation instead of waiting for a miracle to happen.

Owing to high import prices which creates a huge deficit in our budget we should try to harness the technology and production technique to produce oil in our country. This is only possible through proper research and analysis. We should try to reduce ou dependency on foreign import of oil and should switch tp being independent in its production so as to reduce the high import prices.

How to deal with High Oil prices?

Suggestions are:

We have to work on two things. 1. Decreasing Demand and 2. Increasing the supply of Oil and gasses as well as alternative fuels like Ethanol, Biofuel etc.

1. Decreasing Demand:- For this.

I. Create proper public transportation system like metro, luxury buses (E-buses or Eco-friendly). Proper connectivity (by roads and public transport) between workplace and home decreases the distance between them and thus reduces the consumption of fuel.

Ii. Develop waterways. We have the potential of 14000 KM waterways. It will decrease the load on roads and also benefit the environment. Maybe dangerous for river ecosystem.

Iii. Develop such engines which run more efficiently with minimum fuel consumption.

Iv. Electric and Hybrid vehicles need to be promoted. For this, we need to create necessary infrastructure first.

We. Public Awareness campaigns should be run like during red light one should stop the engine, for short distance one should use a bicycle or take lift or use public transport etc.

Vi. Railway network must be increased. As it is cheaper for long distance and has been getting electrified by the government so raw material or final products or any other things can be transported through Railways instead of Roads. This will reduce the demand of diesel. (60 % of electricity is generated from Coal and this is the only fuel mineral we have in abundance. Thus, Electrified Railway can be a good option).

2. Increasing Supply.

I. We have the potential of shale gas and shale oil (perhaps highest in the world) production but due to technological and capital issues, this option has not been utilized. We should invest in these fields to increase our domestic production. Bringing of HELP policy and recently allowing non-traditional hydrocarbon E&E are the welcome steps.

Ii. We should acquire some blocks in Oil and Gas abundant countries like Russia, Iran and Mozambique so that we ourselves can produce oil and gas and supply to our country.

Iii. Since fossil fuel is non-renewable, in future its production will decrease and again prices can hike so we should (if possible) do such agreements with oil producing countries to supply oil on fixed pre-determined prices.

Iv. We need to generate more and cleaner energy whether it is electricity or biofuel to replace fossil fuel.

We. A lot of are & D investment is required in this sector. For this, cess can be imposed on fossil fuel consumption and the collected fund can be used for R&D and infrastructure development for Electric vehicles.

Vi. Our country generates around 120-130 MMT biomass annually in agriculture fields. If it is converted into biofuel, around 3 thousand crore litre Ethanol can be generated annually. It will decrease our dependency on fossil fuel.

Vii. To tackle such a type of situation (high oil price rise) India should make its own some strategic reserves (like buffer stocks for the pulse to control prices) like USA and China. We have 3 such strategic reserves that can supply fuel for 3 months only. It needs to be increased and should be used in this type of situation in combination with other measures.

More you run from the problem, harder will it become to solve.

How are we running from the problem? By giving synthetic subsidies for last 70 years.

Is the problem solved? No, it hasn't and will become more dangerous in the future.

Why? Because we don't produce oil and we import 80% of it. We have no control over its price (only opec and USA have control).

Always remember, oil is the non-renewable source and its price will ALWAYS increase (coz of short supply of dollars, maybe because of sanctions against Iraq and Iran, or maybe because of depreciation of our currency). All in all we have no control over its increasing price.

So instead of giving temporary subsidy, the govt should invest that money in building world-class highways, over bridges and improved infrastructure. (more than 40% of diesel in trucks is wasted because of bad roads+tolls+traffic jams).

I have a bicycle and want to drive it, but driving it on roads is suicidal. Govt should make /plan cities more pedestrian and bicycle friendly, it will encourage people to use fewer vehicles.

I want to use buses but they are so crowdy, Use the money in buying and upgrading public transport. Make our cities more like Tokyo and not like new York.

Encourage companies which want to invest in electric vehicles (like Mahindra and Tata).

Govt must know oil prices will always increase and electricity prices will always decrease (invest in solar and wind power) once using e vehicles becomes cheaper than people are not fools we will use e vehicles because we love our money.

The government must know that the greatest wealth a human could possess is Health. (less pollution =healthy citizens =more productive economy).

Also, try to give some amount of subsidies on LPG, LPG is healthier to use than burning woods. But no subsidy on petrol diesel or CNG as they pollute the environment.

Investing in high-speed freight trains and waterways is also a good idea.

Last point but very important - - - increase the tax on sin products (like cigarettes, gutkha, pan masala, soft drinks etc) use that money in improving women health (LPG).

Last but not least - -Swatch Bharat Mission-- clean our nation let more tourist come in. Tourism is a great source to balance current account deficit.

So use money in permanent solutions and temporary.

These are long-term plan and will not be completed in 5 years. But remember NATION IS MORE IMPORTANT THAN GOVERNMENT. Take a tough stand.

A go-to measure for the Indian government to counter the rising fuel price is to cut back on the taxes. Currently, the center levies a total excise duty of Rs 15.33 per litre on diesel and Rs 19.48 per litre on petrol. In addition to this, different state governments charge their own VAT.

VAT levied on fuel by state governments in India:

Bihar charges 24.71 per cent VAT on per-litre petrol and 18.34 per cent on per-litre diesel.

Uttar Pradesh takes 26.90 percent VAT on per-litre petrol and 16.84 percent on per-litre diesel.

If Central and State governments decide to cut back on these taxes, even by a slight margin, we could see a significant drop in the rising fuel price.