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
- Boxer Sarita Devi faces action after refusing medal at Asian Games
- UPDATE 8-Dallas Ebola patient vomited outside apartment on way to hospital
- Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle
- Boxer Sarita Devi showed lack of sportsmanship, say organisers
- China tells foreign countries not to meddle in Hong Kong
BACK IN JAIL
Subrata Roy, the jailed chief of India's Sahara conglomerate, is back in a cell after living in a makeshift prison office for two months as he tried to negotiate the sale of his luxury hotels, a jail official said. Full Article
Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle. Full Article
Diageo bars United Breweries from appointing independent director at United Spirits. Full Article