Not raising diesel prices would harm economy much more'

The significance of Rio + 20 does not lie in any document but in the new direction provided to global governance, whose focus should be on patterns of natural resource use, and not just on natural capital, to ensure human well being.

Background

Balancing national strategic interests and global concerns requires new rules for collective action

The upcoming sequel to the 1992 Earth Summit, once again to be held in Brazil, will provide fresh opportunities to draft a common global agenda to safeguard the well-being of humanity -- and the planet. But serious differences over what constitutes economic growth and human wellbeing may lead to a less-than-successful outcome.

With generous dispensing of cheap diesel to rich car owners, the  government has finally turned the market around.  Media is abuzz with the Petroleum Planning and Analysis Cell’s report. It says the diesel consumption growth rate at 6.4 per cent has outstripped that of petrol at 4.5 per cent. Petrol price hikes have made the fuel price gap gape wider and add to diesel’s lure.