Partial roll back in fuel prices possible, says Congress source
State-run fuel retailers raised petrol prices on Thursday to cut the impact of high global oil prices on their bottomlines
India could partially roll back a 2.7 percent hike in petrol prices, a source in the ruling Congress party said on Friday, as the move angered opposition and government allies at a time when inflation is hovering around double-digit.
State-run fuel retailers raised petrol prices on Thursday to cut the impact of high global oil prices on their bottomlines.
"The congress party is very concerned about the hike and calls upon the government to look into the matter. We hope and trust that the government will find ways and means to give relief to the common man," the source told reporters.
He said there would be a meeting on petrol prices when Prime Minister Manmohan Singh returned from a G20 summit.
More from Economy"There may be a partial roll back," the source said.
Reuters
India’s trade surplus with US may cross $90 billion after tariff cuts, says SBI report
Inflation likely to be a big focus area for budget 2024, say sources
Explained: Will the Bank of Japan break tradition and raise interest rates?
UK enters recession, central bank admits
Explained: How the rising US dollar can affect everyone