Manmohan Singh says fuel prices need to be appropriate
BATHINDA, India (Reuters) - India needs to set appropriate retail prices for refined fuels, Manmohan Singh said on Saturday, after retailers threatened to hike petrol prices unless the government compensates them for losses incurred for selling below cost.
India's state-run refiners sell cooking gas, kerosene and diesel at below-market prices set by the government to assist the country's poor and control inflation. But retailers who sell refined fuels threatened to hike petrol prices this month in the face of mounting losses.
Refiners were given freedom to fix their own petrol prices in June 2010, but have not raised the price of the fuel since December 2011 despite sharp increases in global oil prices.
India imports about 80 percent of its oil needs.
(Reporting by Nidhi Verma; Editing by Ed Lane)
- Tweet this
- Share this
- Digg this
- UPDATE 3-Avalanche kills at least 12 guides in deadliest incident on Mount Everest
- UPDATE 10-Vice-principal of South Korea school in ferry disaster commits suicide
- Mediterranean diet may slow diabetes progression
- UPDATE 5-U.S. further delays final decision on Keystone XL pipeline
- India passes halfway mark in election with BJP gaining strength
Nitin Gadkari, former president of the Bharatiya Janata Party and a member of the BJP’s manifesto committee, speaks to Reuters. Here are the edited excerpts. Full Article
Turning smog into jewels - a Dutch designer's solution to Beijing's pollution. Video