An across-the-board increase in petrol, diesel and cooking gas prices is likely by mid-May, immediately after the Budget is passed in Parliament.  "There is a lot of pressure on the government from oil companies to increase fuel prices but they been informally told to hold on till the Budget is passed in Parliament," a senior government official told HT. "There may be one small increase in petrol price that is likely to...

Non-urea fertilizer prices were freed in April 2010, but GSFCL, DFPCL, RCF still got gas at regulated prices The fertilizer ministry is considering asking three non-urea fertilizer makers to return part of the gains they have made since April 2010 on account of gas supplied to them at regulated prices while they were allowed to sell their products at market prices. Rashtriya Chemicals and Fertilizers Ltd (RCF), Gujarat State Fertilizers and Chemicals...

-The Times of India   The Supreme Court on Monday said pricing of petrol and diesel determined by a complex mechanism fell exclusively within executive's policy domain and refused to entertain a public interest litigation demanding rollback of repeated sharp hikes in motor fuel prices.  Ex-MP P C Thomas had filed the appeal in the apex court challenging a Kerala high court's decision to dismiss his PIL questioning "irrational and hypothetical fixation of...

-The Economic Times Repressed, unrevised retail prices by fiat have led to rising diesel consumption nationwide, thoroughly misallocating resources and recklessly fretting away scarce budgetary funds in the bargain. The government needs to promptly decontrol diesel prices and put paid to open-ended oil consumption subsidies, as it has rightly proposed to in the Union Budget.  Further dither and non-decision would wreak havoc in government finances and hook the fiscal deficit figure over...

-PTI World food prices remained almost same in March from their levels in February due to stable prices in most commodities and decline in dairy prices, United Nations' Food and Agriculture Organisation said.  "World food prices in March remained virtually unchanged from their February levels," Food and Agriculture Organisation (FAO) said in a statement.  Amongst various commodity groups, only Oil Prices showed strength, compensating for falling dairy quotations, while the indices of cereals,...