State-run Fuel retailers don't tire of flashing their "autonomy" to justify raising petrol price. But when it came to a reduction on Thursday, they suddenly appeared to have developed political bones: the three oil marketers firms hastily pulled back plans to cut price by Rs 1.60 or so, excluding taxes, to prevent the opposition from taking credit. The retailers had raised petrol price by Rs 6.28, excluding taxes, on May 23....
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India loses Rs 60,000 crore due to traffic congestion: Study-Dipak K Dash
-The Times of India The country loses Rs 60,000 crore a year due to congestion (including Fuel wastage), slow speed of freight vehicles and waiting time at toll plazas and checking points, a study on operational efficiencies of freight transportation by roads has claimed. It said vehicles crawl at an average speed of less than 20 kmph on some key corridors such as Mumbai-Chennai, Delhi-Chennai and Delhi-Guwahati while it's only 21.35 kmph...
More »A burden beyond bearing
-The Business Standard Govt cannot delay increasing diesel, LPG prices Petroleum Minister Jaipal Reddy, speaking after a ministerial-level meeting on inflation on Monday, said that the government had no immediate plans to raise the administered prices of diesel, kerosene and domestic LPG (liquefied petroleum gas). This comes after oil marketing companies raised the price of petrol last week by Rs 7.50 per litre, an increase of 12 per cent. Mr Reddy’s...
More »Petrol price hike not a correct step: AK Antony
-The Hindustan Times In a first sign of dissent within the UPA government over the recent Rs. 7 hike in petrol prices, defence minister AK Antony on Tuesday said it was “not a correct step”. Antony's remarks came soon after he landed at Neyyattinkara in Kerala to campaign for Congress candidate R Selvaraj for the June 2 assembly by-elections. “The hike in petrol price was not a correct step. The oil companies should...
More »With slowing growth, people are now questioning the long-term Indian story
-The New York Times India's coalition government just celebrated the third anniversary of its tenure with a self-congratulatory banquet that could not have been more poorly timed: India's currency, the rupee, is falling; investment is down; inflation is rising; and deficits are eating away at government coffers. While short-term growth has slowed but not ground to a halt, India's problems have dampened hopes that it, along with China and other non-Western economies,...
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