Nearly 70 percent of India’s population lives on less than $2 (around 120 rupees) a day, according to World Bank data. The country, the world’s second-largest producer of wheat and rice after China, is also home to a quarter of the world’s hungry.
India’s state-run oil marketing companies launched a media blitzkrieg on Tuesday to justify a recent price hike in petrol prices and came out strongly against allegations of profiteering at the consumers’ expense.
So it’s official. India has finally raised fuel prices, by more than most people expected. A hike in diesel prices in particular is sure to feed through into overall inflation. At the same the government removed the import duty on crude oil.