Planning Commission Deputy Chairman Montek Singh Ahluwalia says: "What has happened (fuel price hike)... on that front it is a good news. I regard that as a vindication...(and) an increase in credibility of basic part of the reforms strategy"

what sort of an economist is this guy who claims that selling an essential commodity procured and refined for under Rs 30/- for more than Rs 70/- as credible. The proper term in economics for this action is profiteering.

In most parts of the civilized world, such antics would be called fraud (for lying that govt is subsidizing oil companies when it is actually making profits out of the sale), racketeering (all 3 oil companies acting as a cartel and raising prices simultaneously), conspiracy to defraud (for colluding with the blatant adulteration and meter adjustments perpetuated by petrol pump owners), and more... and people associated with such sham would be regarded as criminals.