Govt allows oil firms to set prices "over a period of time"
NEW DELHI (Reuters) - India's state-run oil marketing companies have been authorized to raise diesel prices in small increments "over a period of time", Oil Secretary G. C. Chaturvedi said on Thursday, but did not give a time-frame or quantity for such price increases.
Earlier, the government permitted state-run oil marketing companies to set diesel prices, in a surprise move that could help the government reduce its budget-busting subsidy bill.
(Reporting by Nidhi Verma; Writing by Rajesh Kumar Singh; Editing by Frank Jack Daniel)
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As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article