Sunday, May 25, 2008

Rejoice!!! Oil price not to rise in India

With defeat in Karnataka state election and several state election and the General election coming up in one year, Congress led UPA Government will be in no mood to increase oil prices, lest they hurt their vote banks. Crude has been trading at all time high in the world market but the government has been hesitant to increase the oil prices. This has caused all oil companies to bleed to bankruptcy. Oil companies have been trading at three month low in the BSE.