-The Times of India   Minutes after the Congress demanded relief from the steep hike in petrol price, state-run oil marketers on Thursday indicated they could reduce the price by the month-end if the rupee and international oil prices held steady.  "Current trend indicates that prices can come down," IndianOil chairman R S Butola said. He was speaking just after Congress publicly asked for a reduction in the hike.  "We are genuinely sensitive to...

-PTI   Spiralling international oil prices have put a strain on the country's import bill Stating that India faces "formidable" challenges on the energy front, Prime Minister Manmohan Singh today said spiralling international oil prices have put a strain on the country's import bill and domestic prices need to be rationalised. "With imports accounting for about 80% of our crude supplies, the spiralling prices of crude in the international market have put a...

-PTI The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas.  "Government has, in principle, agreed to make the prices of diesel market determined," Minister of State for Finance Namo Narain Meena said in a written reply to the Rajya Sabha.  While petrol prices are market-linked, the government fixes the rates of LPG, kerosene and diesel, which results in a...

-The Economic Times   Decontrol of urea is likely to affect agricultural production adversely for several reasons. First, it will immediately push up prices of all nitrogenous fertilisers and reduce their usage, thereby lowering crop yields.  Second, it may also lead to increase in the prices of DAP and other mixed fertilisers due to shift in demand in their favour. Urea decontrol may not result in more balanced use of N, P and...

One man’s fiscal problem is another man’s lifeline. Trigger happy bureaucrats and economists may love shooting down subsidies because it bloats the fiscal deficit and burdens the government but the simple fact is that in a one billion strong nation, in which nearly one in every three live below the poverty line, one needs an effective and efficient method through which privileged tax payers can support the poor. Last week, finance...