-Reuters Inflation may have accelerated at its fastest pace this year in May, driven by higher food and fuel prices, impeding chances of a rate cut by the central bank at its review next week, a Reuters poll showed. The wholesale price index, India's main inflation gauge, is expected to rise 7.60 percent in May versus a year ago, compared with April's 7.23 percent, the poll of 31 analysts showed. Forecasts ranged from...

Desired outcomes can be reached through a series of ‘imperfect’ small initiatives What is to be done? How can we untie the Gordian knot that has so entangled the political economy of petroleum product prices? This is the question that now exercises our most experienced politicians and our ablest economists. Most well informed people know that a country that imports 80 per cent of its oil requirements cannot de-link itself from the...

-The Times of India The Madras high court on Thursday refused to interfere with the recent increase of petrol prices, and also observed that the last week's crippling petrol and diesel shortage in Tamil Nadu had been overcome due to state government's efforts. A vacation bench of the court comprising Justice K Venkataraman and Justice C S Karnan passed the order on Thursday, while dismissing a Public Interest Litigation (PIL) filed by...

-PTI Chief Minister D V Sadananda Gowda today said his government would look into the possibilities of reducing cess on petrol after the June 11 biennial elections to the state Legislative Council. "I will look into the possibilities of reducing cess on petrol soon after the elections to the legislative council. For now, I can't comment on the issue due to model code of conduct," he told reporters. The statement comes in the...

-The Indian Express The Bombay High Court today directed Centre, Petroleum Ministry and Finance Ministry to file an affidavit by June 20 in response to a petition that claimed the recent petrol price hike was "illegal" as it lacked Parliament's approval and violated the Constitution. A bench of Justices R Y Ganoo and N M Jamdar ordered the respondents to file an affidavit explaining their stand on increasing the price of petrol. Apart...