Manmohan Singh says fuel prices need to be appropriate

BATHINDA, India Sat Apr 28, 2012 12:01pm IST

Workers walk inside the complex of Guru Gobind Singh oil refinery near Bhatinda in Punjab April 27, 2012. REUTERS/Ajay Verma

Workers walk inside the complex of Guru Gobind Singh oil refinery near Bhatinda in Punjab April 27, 2012.

Credit: Reuters/Ajay Verma

Related Topics

Stocks

   

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)

FILED UNDER:

Economic Pulse

REUTERS SHOWCASE

Vodafone Tax Dispute

Vodafone Tax Dispute

India advised against challenging Vodafone tax ruling - source  Full Article 

Banking Sector

Banking Sector

India's laggard state lenders face tough sell on capital raising plan  Full Article 

Trade Deal

Trade Deal

WTO postpones trade deal by a day after last-minute objection.  Full Article 

Falling Oil Prices

Falling Oil Prices

Saudis signal no push for oil cut as market to "stabilise itself"  Full Article 

Raising Stake

Raising Stake

Nippon Life to raise stake in Reliance Capital fund unit  Full Article 

Sterilisation Camps

Sterilisation Camps

Sterilisation targets remain in all but name, critics say  Full Article 

Share Buyback

Share Buyback

Samsung Electronics to buy back $2 billion in shares  Full Article 

Microsoft in China

Microsoft in China

Microsoft to pay China $140 million for 'tax evasion'   Full Article 

Flashback: 26/11

Flashback: 26/11

The three-day attack in November 2008 left 166 dead.  Slideshow 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage