Data shows retail inflation eased in August as food prices moderated, but remained above upper end of RBI’s target band for a 2nd consecutive month, keeping policymakers watchful.
Part of the reason was owing to seasonal maintenance of the refineries, analyst says. Demand for Indian oil expected to pick up during the winter season.
The govt had already closed public schools and asked civil servants to work from home to curtail transport. It plans to allow foreign firms to distribute fuel to ease the shortages.
While retail inflation hit an 8-year high of 7.8% in April, wholesale inflation surged to a 9-year high of 15.08% on the back of elevated food and energy prices in the same month.
Petrol now costs Rs 101.81 a litre, while diesel is selling at Rs 93.07 in Delhi. Prices are set to be raised due to a sharp jump in crude oil prices in the international markets.
Global oil prices are at a 3-year high with Brent trading at $78.64/barrel, pushing IOC, BPCL & HPCL to resume daily price revisions, ending the pause that came into effect earlier.
While main elements behind terror module have been nabbed, more arrests will take place, including some professors & academicians who were part of the ring, it is learnt.
Bihar is blessed with a land more fertile for revolutions than any in India. Why has it fallen so far behind then? Constant obsession with politics is at the root of its destruction.
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