INVESTIGATING PETROLEUM INDUSTRY OF INDIA WITH RESPECT TO ALLEGED COMPETITION LAW VIOLATIONS.

Abstract

Petroleum is a commodity of high volatility in lieu of economic values. Today, no nation can survive without energy and petroleum is the most important source of energy. Petroleum prices have always been a topic of discussion in everyday life of a common man. It affects not only the ordinary discussions of coffee shop but also the discussions of the centre politics at the parliament. But, Indian petroleum sector is alleged to have anti-competitive behaviours. It is argued that the state owned PSUs are not allowing the private players to survive in a free and open market. Now the moot question is that what kind of effect is such policy making on the competition and on the consumers. Competition is a boon to consumers, and regulation is helpful to the nation as a whole. The former helps the consumers directly by providing them quality products with multiple options, whereas the lattert helps in ensuring the reach of every citizen to every kind of resource. Both are different in nature. But the question is what is better for petroleum sector; Regulation or competition? This article will find the answer to it. It will also inspect the possibility of survival of private players in a state dominated market without hampering the consumer rights. “And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department”