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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
BSE Sensex rises over 1 percent on reforms, election boost

BSE Sensex rises over 1 percent on reforms, election boost

The BSE Sensex and Nifty rose more than 1 percent on Monday to mark their biggest daily gain in more than one week after the government's energy reforms led to a rally in oil firms, while wins by Prime Minister Narendra Modi's party in two state elections raised expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

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