Increase petrol prices, subsidise other fuels ; For a beleaguered UPA government, increasingly under fire from the Left and the Opposition over galloping inflation, the sharp rise in global crude oil prices couldn't have come at a more inopportune time.

For a beleaguered UPA government, increasingly under fire fromthe Left and the Opposition over galloping inflation, the sharp risein global crude oil prices couldn't have come at a more inopportunetime. The under-recoveries of the oil marketing companies (OMCs) aremounting and there are very real fears that they may soon run out ofmoney to import crude with. Worse, there seems to be no immediatepossibility of a respite from high global oil prices, which arecurrently hovering around $135 (Rs 5,805) per barrel. Globalfinancial powerhouse Goldman Sachs estimates that crude is likely tostrengthen further to $200 (Rs 8,600) levels soon.

The time has come to bite the bullet and …