Petrol and diesel rates have not been lowered in India since May 2022 even though international oil prices are down 25% from June 2022 peak. Analysts believe ‘politics is at play’.
Fuel prices were first kept static to protect consumers from rise in oil prices, and then for OMCs to recover losses. With OMCs in profit now, daily pricing mechanism can be restored.
In recent years, fuel prices have been kept static for weeks before assembly polls, only to be changed soon after. However, there's no clarity over who's deciding the prices.
Global food prices surged by 28% in 2021 compared to year before — highest in a decade, according to UN estimates. By May 2022, food prices were 60% higher compared to 2020.
The measures have been imposed to insulate the domestic market from higher international prices. But they could reduce incentives for producers to expand production in the long run.
It has also decided to enhance the fertiliser subsidy for farmers, and reduce import duty on some raw materials. ‘It is always people first for us!’ tweets prime minister.
Israel's response to Iran's retaliatory attack was relatively small and also downplayed by Tehran. But there are factors that could jeopardise this perceived reprieve.
The 125 APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs.
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