Mr. Mukherjee has assured to provide assistance to the oil companies

Mr. Mukherjee has assured to provide assistance to the oil companiesThe use of Crude oil is massively increasing these days and so is the price of the commodity. As India is one of the densely populated countries in the world, the export of crude oil has to go up simultaneously. Hence with the population the use of different resources has also augmented.

The excessive use of oil is leading to a scarcity of oil and their byproducts. So the demand is increasing rapidly in this country. This scarcity is one of the leading factors of price hike of crude oil as well.

The cost has increased to $92/barrel which has shown a huge effect on the oil companies.

In such a situation Mr. Pranab Mukherjee, the Union Finance Minister has declared that the government would not let the oil companies belonging public sector to go through the effect of under-recovery. He has also revealed that HPCL, BPCL and IOC are suffering massive losses due to non recoveries. This statistics were found when there was an analysis meeting at the Income-Tax Department.

The government is taking various measures to control the price increment of food products. The onion costs have settled down by Rs 10-15. To control the financial statistics, Mr. Mukherjee has also requested the state government to mutually help the central government.