Rising global crude oil prices, now touching $96, have came as a bolt from the blue for policymakers (?Deora meets Chidambaram…?, Nov 2), judging from their panic reaction. No wonder the already mounting losses of public sector oil marketing companies (OMCs) are expected to go up further. The Centre should take immediate steps such as restructuring excise duties to lessen the burden on OMCs. Also, there have been many misgivings about the impact of a rising rupee. But it is the same stronger rupee that is now helping India arrest the effect of skyrocketing crude oil prices internationally.
?P Senthil Saravana Durai, Hyderabad
Caught behind
It is exciting to read that the Sensex has crossed the 20,000 barrier (?20-Twentied?, Oct 30). It gives financial experts and market hands a rush of adrenaline. Yet, how on earth is this thriving stock market helping the common citizen? A large majority of India?s population doesn?t even know the workings of the stock market, let alone how to invest in shares. The reality is, the hapless common man continues to toil under inflation, and no rise in share indices has any hope of relief.
?HN Ramakrishna, Bangalore
Corrigendum
In the report, ?Competition in branded wheat flour segment to hot up?, published in FE on November 1, ITC?s atta brand ?Aashirwaad? is erroneously referred to as ?Annapurna?. The error is regretted.?Editor