Coal 2023: analysis and forecast to 2026
Latest IEA market report sees lower demand to 2026, based on current policies, but stronger actions are needed to drive a steeper decline towards meeting international climate goals. After reaching an
Fuel Pricing
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World oil crisis: impact on developing countries
The economic analysts argue that there are many reasons; direct and indirect, behind the current oil price hike. They mainly attribute to the developments in China and India which had increased the consumption levels of the fuel per day. This situation had led the Organisation of Petroleum Exporting Countries (OPEC) to a problem since its output cannot match the increased demand from these two nations.
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Govt ready to take more steps, blames global crude prices for inflation
While the inflationary pressure has gone out of control from the government, commodity prices have been steadily increasing. During the week, price of fish jumped by 6%, fruits and vegetables by 3% and moong dal and spices by 2% and 1% respectively. Despite export bans, skimmed milk was costlier by 7% and imported edible oil by 1%. Furnace oil was costlier by 3% and light diesel oil by 2%.
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Oil subsidy may triple to 2.2% of GDP
India's oil subsidy may shoot up three times to 2.2% of the GDP this year even as the government dithers on raising fuel prices in step with the rise in input (crude oil) cost. The country paid $8.7 billion in oil subsidies in 2007 or 0.7% of the GDP. In 2008 when GDP is slated to grow to $1.34 trillion, the subsidy may jump to $18.1 billion at $100 a barrel crude price, and to $23.4 billion at $115. At current market price, it would rise to $29.2 billion, Credit Suisse said in its latest report on subsidies in Asia.
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PM: Oil-price pinch can't be avoided
PM Manmohan Singh on Monday hinted that there may not be any alternative to raising fuel prices, even as the government continued to grapple with working out a consensus on measures to tackle high global crude prices. A decision can possibly be taken only by Thursday after a meeting of the Cabinet Committee on Political Affairs.
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Fuel prices go up again
The price of petrol has gone up by Rf1 per litre and the price for a litre of diesel has been increased by Rf2.95, the State Trading Organization (STO) has said. A statement issued by STO, the largest fuel supplier in Maldives, said that with the changes brought about on Friday the price of a litre of petrol will now be Rf13.25 and a diesel litre will now cost 15.50. This is the first time in the last 10 years that the price of petrol and diesel has gone above a dollar.
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FIRST HOUSING, NOW OIL
The double whammy of rising oil prices and plunging home prices could turn a mild recession into something more threatening, says Peter Coy
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Take a walk, save on bills
Steady rise in fuel prices seems here to stay and each price rise is bound to have an impact on monthly budgets. With petrol becoming dearer by a steep Rs 5 and diesel by Rs 3, auto experts say that simple changes in driving habits and minor alterations in lifestyle can ensure the hike does not hit as bad.
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PM defends moderate' hike in TV address
Says It Was Inevitable In Wake Of Global Spiral Pointing to a sharp escalation in global rise in oil p r i c e s and food and commodities, P r i m e Minister Manmoh a n Singh on Wednesday said that a rise in fuel prices was "inevitable' even as the government has done its utmost to impose only a "moderate' burden on the people.
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BJP: UPA has unleashed economic terror
Says Fuel Price Rise Unjustified, Wants PM To Resign Gauging that it could only add to the its ammunition against the government in a year leading up to the Lok Sabha polls, BJP on Wednesday reacted strongly to the government's decision to hike fuel prices, saying a "directionless' UPA has unleashed "economic terror' on the nation.
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Bengal to slash ST on oil
Move Meant To Distance Itself From Hike In Fuel Prices Kolkata: Desperate to distance itself from the decisions of the Congress-led UPA government at the fag end of its tenure, West Bengal's Left Front government is slashing sales tax on petrol from 25% to 20% and on diesel from 17% to 12.5%. The cost of the