(MENAFN- Khaleej Times) The decision to allow market control of diesel costs starting on Sunday targets one of Indias costliest subsidies for one of the worlds dirtiest fuels.
New Delhi: India has deregulated prices for diesel fuel while raising the cost of natural gas in the biggest-yet economic reform announced by new Prime Minister Narendra Modi’s government.
The decision to allow market control of diesel costs starting on Sunday targets one of India’s costliest subsidies for one of the world’s dirtiest fuels.
Those subsidies have helped make the country reliant on diesel to power at least 50 per cent of all vehicles as well as many industrial and retail businesses where grid connectivity is scarce or power outages common.
Natural gas tariffs went up about 33 per cent to $5.61 per mBtu to increase the incentive for drilling but Finance Minister Arun Jaitley asked state governments on Saturday to revise taxes “so that consumers are not affected by the price rise.”
For more news from Khaleej Times follow us on Facebook at facebook.com/khaleejtimes and on Twitter at khaleejtimes
Follow khaleejtimes ->
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.