India oil minister says considering steps to keep fuel prices in check

Opposition leaders have criticized the Indian government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies. (Reuters)
Updated 21 May 2018
0

India oil minister says considering steps to keep fuel prices in check

NEW DELHI: India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prices at the pump have surged on the back of rallying international markets for crude oil, which last week hit their strongest since late-2014 amid ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC).
“Various alternatives are being looked at,” Dharmendra Pradhan said in a televised speech, adding that he would “work out something soon.” He did not give details.
Opposition leaders have criticized the government for failing to rein in rising fuel prices, a politically-sensitive issue in one of the world’s biggest economies.
India is particularly at risk from stronger global prices for crude oil as it is the No.3 importer of the commodity, buying about 80 percent of its oil needs.
On Monday, industry lobby group FICCI called for an immediate cut in the excise duty on oil imports.
The cost of the growing thirst for oil around Asia will surpass $1 trillion this year, about twice as much as in 2015 and 2016, as oil prices touch $80 per barrel and continental demand hits a record.


Singapore has 1MDB-linked jet, but no Malaysian request for its return

Updated 14 August 2018
0

Singapore has 1MDB-linked jet, but no Malaysian request for its return

SINGAPORE: Singapore police said on Tuesday an aircraft linked to an investigation into a multi-billion scandal at Malaysian state fund 1MDB is parked at the city-state’s Seletar Airport.
Singapore authorities had not previously confirmed that the $35-million private jet, which Malaysian Prime Minister Mahathir Mohamad has said he is seeking to repossess, was in the city.
The aircraft is believed to be owned by fugitive financier Low Taek Jho.
Singapore police said they had not received any formal request from Malaysian authorities for the return of the aircraft.