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Fuel prices in India to be hiked
By Nidhi Verma |
December 16, 2010, Thursday
|
Print Edition
Print Edition
INDIA'S state-run oil retailers will raise petrol prices by the most in six months and New Delhi also plans to lift diesel prices, possibly stoking inflation and adding to the government's political woes.
Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum will raise petrol prices by about 5.6 percent in the next two days due to surging global crude prices.
This would be the steepest rise since June when India freed up petrol prices.
The decision, which came along with a rise in prices of diesel and cooking fuels, sparked off protests against the Congress-led coalition government.
Prime Minister Manmohan Singh's government is under attack for a slew of corruption scandals, and raising fuel prices in a country where hundreds of millions live in poverty is a move that could anger its core voter base.
It would also complicate monetary policymaking by the Reserve Bank of India, which is focused on stamping down inflation that remains above 5 percent.
Indian Oil Corp, Bharat Petroleum, and Hindustan Petroleum will raise petrol prices by about 5.6 percent in the next two days due to surging global crude prices.
This would be the steepest rise since June when India freed up petrol prices.
The decision, which came along with a rise in prices of diesel and cooking fuels, sparked off protests against the Congress-led coalition government.
Prime Minister Manmohan Singh's government is under attack for a slew of corruption scandals, and raising fuel prices in a country where hundreds of millions live in poverty is a move that could anger its core voter base.
It would also complicate monetary policymaking by the Reserve Bank of India, which is focused on stamping down inflation that remains above 5 percent.
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