People and Fuel Price Hike

Last night, NDTV as usual was blowing the issue of "fuel price hike" out of proportions. However, I was glad to see a sensible reporter for a change, who mentioned "The world prices of fuel has increased from $40 to $70/ barrel. So a price rise of 4Rs/liter of Petrol is something which is both reasonable and expected." Well, thats sensible but not my point.

Just to add spice to this news item, they also showed video clips of a lot of motorists waiting outside a Petrol Bunk, waiting to get their tanks full before the price hike post-midnight. Well if you are from India, you wouldnt be new to this as most of us do so when we recieve such news. But then, how sensible is this action?

First, lets say you have a luxury car. Your maximum fuel capacity would be around 68 liters. That means you ll save not more than Rs. 240. Typically, what value would Rs. 240 for a guy who bought the luxury car at the first place!

Second, a car like Maruti 800 which has a fuel capacity of 32 liters, you ll save Rs. 128. This is as much money as he would spend if he forgets his lunch box at home on any day!

Third, a bike like Hero Honda which has a fuel capacity of 12 liters, you ll save Rs. 48. Duh! Roses for your girlfriend cost more than that!

On the other hand, lets say no one reacts to the price change like the way we usually do, then:
1) We will not have to wait that 1 extra hour in the queue.
2) We ll make life easier for a guy who has actually run out of fuel and wants to get home as soon as possible. [This guy is you and me]
3) Avoid the traffic jams caused by the long queues outside the petrol bunks which extend to the road.

I am tempted to conclude that this exercise of waiting makes little sense. Do you think I am right or am I missing something?