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This refers to the Union Finance Minister, Mr P. Chidambaram’s remark that India “would be very happy to form a cartel among the oil-consuming countries to meet the current crude price situation of greed overtaking the common good of the world” (Business Line, March 27).

It is indeed a laudable idea as equilibrium price (of any commodity) can be achieved when both buyers and sellers have a fair bargaining power. In the case of oil, unfortunately, India has been at the receiving end.

S. Ramakrishnasayee Ranipet

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