-The Times of India Petrol car owners may soon heave a sigh of relief as oil marketing firms are expected to cut petrol prices by up to Rs 2 per litre on Friday due to falling international crude prices. Crude prices, which fell to $96.5 per barrel on Wednesday, the lowest level in the last one year, have provided enough legroom for the oil firms to reduce petrol prices.  State-owned oil marketing...

-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...

Amid protests over India's steepest-ever petrol price hike last week, many are now beginning to ask the question: Is the government milking the common man to keep its oil companies profitable? Consider these: Each time, you fill your car with a litre of petrol in Delhi, the Centre gets richer by Rs. 14.78 and state government earns another Rs. 12.20. In 2010-11 ( the latest figures available), the Centre and state governments...

C Rangarajan, chairman of the PM's economic advisory council, on Friday hinted at price corrections in both diesel and cooking gas over the next few months to send a strong signal to foreign investors and to ensure adequate capital flows. "I think it is necessary to act on prices of other petroleum products also," he told TOI. Rangarajan, a former RBI governor, said there was a proposal on dual pricing...

-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...