Delhi m petrol price

PETALING JAYA: Instead of completely removing subsidies for petrol, the government should gradually raise the price of RON95 petrol by 10 sen or 20 sen, says Datuk Seri Najib Razak. He said with many countries experiencing high inflation, it was not a suitable time to completely remove petrol subsidies. "However, the government can consider raising RON95 petrol by 10 sen or 20 sen. "But, don't touch on diesel prices when inflation rates are high now, because it correlates with the production and transportation costs which will eventually put more pressure on the inflation rate," said the former prime minister on Facebook on Wednesday (June 22). Najib also said the government should raise export duties and windfall taxes for the palm oil sector, given the high crude oil prices due to shortage in global supply. He said additional revenues from the proposals could be channelled every three months to various cash aid programmes to assist the B40 and M40 who were badly affected by … [Read more...] about Don’t totally remove fuel subsidies, but raise RON95 price gradually, says Najib

A worker fills a vehicle with petrol at a gas station in Dubai (File image: Reuters) The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country. Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday. According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO). As a result, the per-litre price of petrol has been increased by Rs 14.85, HSD by Rs 13.23, kerosene by Rs 18.83 and LDO by Rs 18.68. The ex-depot price of petrol now stands at Rs 248.74 per litre, HSD at Rs 276.54, kerosene at Rs 230.26, and LDO at Rs 226.15. Finance Minister Miftah Ismail told the media that the petroleum levy was … [Read more...] about Pakistan steeply hikes petroleum prices under deal with IMF to revive bailout programme

People wait in a queue after receiving tokens to buy petrol due to fuel shortage, amid the country’s economic crisis, in Colombo, Sri Lanka, June 27, 2022. REUTERS COLOMBO — Sri Lankan doctors and other medical staff as well as teachers will take to the streets on Wednesday to demand that the government solve a severe fuel shortage at the heart of the South Asian country’s worst economic crisis in decades. Weeks of street demonstrations against cascading problems including power cuts and shortages of food and medicine escalated last month when nine people were killed and about 300 were injured, leading to the resignation of the prime minister, Mahinda Rajapaksa, the older brother of President Gotabaya Rajapaksa. The government, left with only enough fuel to last about a week, on Tuesday restricted supplies to essential services, like trains, buses and the health sector, for two weeks. But doctors, nurses and other medical staff say that even though they are deemed essential … [Read more...] about ‘Impossible situation’ for Sri Lankans struggling for petrol

- A + A KUALA LUMPUR (June 29): The retail prices of RON97 and RON95 petrol and diesel will remain unchanged for the week from Thursday (June 30) until July 6, the Finance Ministry said on Wednesday (June 29). In a statement, it said based on the Automatic Pricing Mechanism formula, RON97 and RON95 will remain at RM4.84 per litre and RM2.05 per litre respectively, while diesel at RM2.15 per litre. "To protect consumers from the effects of the actual rise in oil prices on the global market, the government has maintained the retail prices of RON95 petrol and diesel, although the real market prices for these two products have exceeded the set ceiling prices,” the statement said. It said the government would continue to monitor the effects of changes in world crude oil prices and take the necessary measures to continue to protect the welfare and well-being of the people. … [Read more...] about RON97, RON95 and diesel prices unchanged from June 30 to July 6

A Sri Lanka Air Force member checks the tokens of people queueing for fuel due to fuel shortage, amid the country's economic crisis, in Colombo, Sri Lanka, June 27, 2022. - A + A COLOMBO (June 29): Sri Lankan doctors and other medical staff as well as teachers will take to the streets on Wednesday to demand that the government solve a severe fuel shortage at the heart of the South Asian country's worst economic crisis in decades. Weeks of street demonstrations against cascading problems including power cuts and shortages of food and medicine escalated last month when nine people were killed and about 300 were injured, leading to the resignation of the prime minister, Mahinda Rajapaksa, the older brother of President Gotabaya Rajapaksa. The government, left with only enough fuel to last about a week, on Tuesday restricted supplies to essential services, like trains, buses and the health sector, for two weeks. But doctors, nurses and other medical staff say that … [Read more...] about ‘Impossible situation’ for Sri Lankans struggling for petrol

- A + A PUTRAJAYA (June 27): The government is willing to bear the projected huge subsidy totalling RM77.3 billion for this year towards stabilising the prices of goods and avoiding high inflation rates of up to 11.4%, says Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed. He said the government had a choice of removing subsidies and strengthening the country’s finances to a better level, but it chose to bear the subsidies instead for the welfare and well-being of the people. Mustapa said the announcement on June 24 by Prime Minister Datuk Seri Ismail Sabri Yaakob of no increase in the water and electricity tariffs, and the chicken price not being floated showed the government’s caring side and commitment to maintaining the subsidies. Referring to the projected consumer subsidy expenditure amounting to RM77.3 billion for 2022, he said RM51 billion of it made up the biggest component of fuel, cooking oil, electricity, water, chicken … [Read more...] about Govt continues giving subsidies to stabilise prices, avoid high inflation

- A + A PASIR SALAK (July 3): The government will look into ways and means to address the rising prices of goods and will not let the people to suffer, said Prime Minister Datuk Seri Ismail Sabri Yaakob. “(Under) The previous government, the people struggled, but we (the current government) are looking for ways so that the people are not burdened. Never in history, do we give subsidy so that prices do not rise. “The government provides subsidy of RM77.7 billion, namely for chicken, fuel, electricity, eggs, cooking oil and water. We take short, medium and long term actions to ensure the people are not burdened with the increase," he said when closing the Perak Jelajah Aspirasi Keluarga Malaysia or Malaysian Family Aspiration (AKM) Tour at at the Datuk Sagor Circuit, Kampung Gajah here. According to Finance Minister Tengku Zafrul Abdul Aziz, the government’s projected expenditure of RM77.3 billion for consumption subsidies in 2022 so far is the highest subsidy in … [Read more...] about Govt looking into ways to address rising prices of goods, will not let people suffer, says PM

This article first appeared in The Edge Malaysia Weekly, on June 27, 2022 - July 03, 2022. - A + A To lighten the cost of living, the government made three major bold moves last week. First, there will be additional cash aid for the bottom 40% income group (B40), with RM100 set aside for households and RM50 for singles. Second, the electricity and water tariffs will be kept at current levels for the next six months. Suffice it to say, the government will foot part of our electricity bills, including those of industrial users, as fuel costs have shot up since the start of the year. Third, the government reversed its decision to remove the price cap for chicken, the most consumed meat among Malaysians. A revised price ceiling for chicken will be announced by the minister of agriculture and food industries in the near term. But this raises the question of how the government will subsidise to keep chicken prices low. The Consumer Price Index (CPI) rose 2.8% … [Read more...] about Frankly Speaking: Rational measures needed please, not populist moves

- A + A NEW DELHI (July 2): India has imposed windfall tax on oil producers and refiners who have boosted product exports to gain from higher overseas margins as the government seeks to increase local supply of fuels to meet rising demand and increase federal revenues. New taxes along with export restrictions will curb fuel exports by refiners Reliance Industries and Nayara Energy, part-owned by Russia's Rosneft, and could further tighten global oil product supplies and support prices. Their shares, along with those of oil producers Oil and Natural Gas Corp, Oil India Ltd and Vedanta Ltd tumbled as the taxes will dent their earnings. Private refiners Reliance and Nayara have been among India's biggest buyers this year of discounted Russian supplies and have been reaping major profits by reducing domestic sales and aggressively boosting fuel exports, including to buyers in Europe, where many buyers are avoiding imports of Russian crude. In contrast, state refiners … [Read more...] about India imposes windfall tax on oil producers, fuel exporters

- A + A KUALA LUMPUR (June 24): Malaysia's inflation, as measured by the consumer price index (CPI), increased 2.8% in May 2022 from a year earlier, led by food's price rise of 5.2%, according to the Department of Statistics Malaysia (DOSM) on Friday (June 24). The country's CPI rise accelerated to 2.8% in May 2022 from the 2.3% year-on-year increase in April 2022. "Food inflation continued to rise to a new high of 5.2%, the highest since November 2011 with 93% of items in this group recording increases," DOSM chief statistician Datuk Seri Dr Mohd Uzir Mahidin said in a statement. "Meanwhile, other groups except communications also recorded increases and led to higher headline inflation of 2.8%. Transport increased 3.9%, followed by restaurants & hotels (3.7%); furnishings, household equipment & routine household maintenance (2.9%); miscellaneous goods & services (1.9%); and recreation services & culture (1.8%). "Meanwhile, housing, water, … [Read more...] about Costlier food accelerates Malaysia’s inflation to 2.8% in May 2022 — DOSM