arabtoday
Last Updated : GMT 02:17:50
Arab Today, arab today
Arab Today, arab today

Partial reversal in India petrol price hike

Arab Today, arab today

Arab Today, arab today Partial reversal in India petrol price hike

New Delhi - AFP

State-run Indian refiners partially rolled back a huge hike in petrol prices Saturday following widespread public protests and anger among the national government\'s coalition members. The move means that petrol will now cost 71.16 ($1.28) per litre compared with the current 73.18 rupees, the country\'s largest refiner Indian Oil said in a statement. The decision came after a regular two-week review of prices by the oil marketing companies and follows a fall in international oil prices. The average price paid by energy-scarce India, which imports much of its oil, for crude has fallen to around $106 a barrel from $113 in the past two weeks. But a sharp fall in the Indian rupee due to concerns over the country\'s economic growth has offset some of the benefits of the global price decline. The May 23 hike of 11.5 percent in petrol prices followed a series of much smaller increases last year. Opposition parties led by the Hindu nationalist Bharatiya Janata Party spearheaded a strike on Thursday against the price hike, disrupting transport services and forcing the closure of markets in many cities. The government retains complete control over the heavily subsidised costs of diesel, cooking gas and kerosene, which are used by India\'s poor masses. But the state-run fuel retailers -- Indian Oil, Bharat Petroleum Corp and Hindustan Petroleum Corp -- can revise gasoline prices every two weeks after consultation with the government. The Congress-led government deregulated petrol prices in 2010 in a reform aimed at reducing the massive subsidies it pays to state-run fuel refiners which rely on imported energy. \"The logic in favor of increasing the prices of diesel, liquid petroleum gases and kerosene is unassailable, but politics and logic don\'t go together,\" Oil Minister Jaipal Reddy said earlier in the week. Indian Oil said it had sustained losses of 10.5 billion rupees since the start of this financial year, on April 1. The high cost of imported fuel is partly blamed for the ballooning of India\'s current-account deficit -- the gap between exports and goods and services imports -- to its widest level in eight years.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today partial reversal in india petrol price hike Arab Today, arab today partial reversal in india petrol price hike

 



Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today At Milaidhoo Island, Maldives

GMT 08:42 2016 Wednesday ,07 December

At Milaidhoo Island, Maldives
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today As West watches Aleppo slip away

GMT 08:15 2016 Saturday ,10 December

As West watches Aleppo slip away
Arab Today, arab today 'Rookie' Trump must fall into line

GMT 08:02 2016 Tuesday ,06 December

'Rookie' Trump must fall into line

GMT 13:34 2016 Saturday ,10 December

OPEC, non-OPEC producers meet on Saturday to share

GMT 10:45 2016 Saturday ,10 December

OPEC to push for non-member oil cuts

GMT 15:59 2016 Thursday ,08 December

Kuwait Oil Price down 88 Cents to USD 48.80 pb

GMT 17:55 2016 Wednesday ,07 December

Oil falls on production cut skepticism

GMT 22:46 2016 Tuesday ,06 December

Kuwait Oil Price up 88 Cents to USD 49.89 pb

GMT 14:49 2016 Tuesday ,06 December

Oil tops $55 for first time in 16 months

GMT 21:43 2016 Monday ,05 December

Oil Prices Decrease in Asia
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today The summer school raising aspirations

GMT 12:49 2016 Tuesday ,06 December

The summer school raising aspirations
Arab Today, arab today Ryan Gosling, Emma Stone immortalized

GMT 12:31 2016 Thursday ,08 December

Ryan Gosling, Emma Stone immortalized
Arab Today, arab today Australia's Rinehart, China group

GMT 10:02 2016 Friday ,09 December

Australia's Rinehart, China group
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today Kirk Douglas at 100, still in love

GMT 12:19 2016 Thursday ,08 December

Kirk Douglas at 100, still in love
Arab Today, arab today Swiss unveil stratospheric solar plane

GMT 13:47 2016 Thursday ,08 December

Swiss unveil stratospheric solar plane

GMT 10:48 2016 Tuesday ,06 December

France bets on Bollywood

GMT 10:52 2016 Tuesday ,06 December

Vanessa Redgrave makes directing

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 11:39 2016 Tuesday ,06 December

Indonesia expands protection

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 14:08 2016 Saturday ,10 December

Samsung Galaxy A8 arrives in Saudi market

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday