Indian Oil Corporation (IOC) has just proven a delightful little concept of market economics. Here it's simply that an oil company can make its own decisions about what oil to buy and when which has improved profits. Rather than needing to wait for the bureaucratic rubber stamp to allow the oil company to buy oil when and where it wishes. IOC chairman B.Ashok said the freedom allowed the companies to decide on tenders for purchase of crude oil within a very short span of time. But as we can see that delay to make the right decision carries an opportunity cost.

Source: Forbes May 26, 2017 06:56 UTC