India increases fuel prices by 10 percent
India has announced that fuel prices are going to be raised by 10 percent. The state-owned oil companies had no other option but adapt pump prices in response to the increase of crude oil prices in international markets. According to an article in Autoplus, gas stations in New Dehli were selling gasoline at 45.52 rupee and diesel at 31.76 per liter. That's about $1 and $0.75 (U.S.) per liter, respectively. Unlike Europe and the U. S., the price of fuel in India is regulated by the government, although prices differ from state to state.
[Source: Autoplus]
Reader Comments (Page 1 of 1)
Cervus 3:31PM (6/08/2008)
This could have a significant impact on demand, going forward. And how long can China maintain its price controls in the face of $140+ oil?
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Tim 11:50AM (6/09/2008)
Cervus - Very easily. The US is paying them plenty of interest on their loans.
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Rick 11:31AM (6/09/2008)
Do IT!! The sooner developing countries lower government subsudies or stop them completely, the quicker their citizens will stop buying cars, big cars, and more cars and stop demanding so much oil to run them. That will allow oil to drop some due to decreased deman. Once China does the same, their appetite for oil and growth spurt will slow and the global economy can level out again.
Now if we couple that with getting the troops home and out of Iraq so wallstreeters can stop speculating, we'll be OK.
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