India must raise fuel prices: PMEAC
New Delhi: India needs to raise prices of subsidised fuels to achieve the budgeted fiscal deficit target of 4.6 percent of GDP for the current fiscal year to end-March 2012, the Prime Minister's economic adviser C Rangarajan said on Thursday.
New Delhi has budgeted a fuel subsidy bill of USD 5.2 billion for 2011/12, assuming oil prices below USD 100 per barrel. Oil prices are near USD 118 a barrel after OPEC members on Wednesday failed to agree to raise output. To Read Full story – Click Here»