Interesting throwback to what was happening in India's fuel market back in 2010. There was this major policy shift brewing where the government was seriously considering decontrolling fuel prices, which would have been a game-changer for the sector.

The context back then was that crude oil had actually dropped below $75 a barrel, which made the decontrol argument stronger. But here's the thing - India's state oil companies were bleeding money. They were selling petrol at a loss of Rs 3.35 per litre, and diesel price was even worse at Rs 3.49 per litre loss. The diesel price in 2010 in India was essentially being subsidized heavily. We're talking about Rs 203 crore getting wiped out daily just from selling fuel below cost.

If decontrol happened, petrol would have jumped by Rs 3.35 per litre to align with imported costs. Diesel price adjustments were expected too. LPG cylinders were looking at Rs 25-50 increases per unit, and kerosene would have ticked up marginally as well.

It's wild looking back at how these policy decisions shaped the market. The diesel price in 2010 in India was basically being artificially suppressed by government mandate, which created this massive subsidy burden. Those state-owned companies - Indian Oil, Hindustan Petroleum, Bharat Petroleum - they were essentially operating at massive losses to keep prices down.

The whole situation really highlighted the tension between keeping energy affordable for consumers versus the financial sustainability of the oil companies. Decontrol would have been painful short-term but necessary long-term.