News Release Details
Govt reviews rising oil prices
New Delhi 12-Jul-2007
The Government on Wednesday reviewed the price situation prevailing in the country and took stock of the supplies of pulses; sugar and wheat as a part of measures to check inflation rate which had marginally risen to 4.13 per cent for the week ended June 23. The Cabinet Committee on Prices, Chaired by Prime Minister Manmohan Singh, also discussed the rising international crude oil prices that are hovering around a ten month high of 75 dollar a barrel. The oil marketing companies are already demanding correction due to under recoveries as a result of high global prices. However, the Government fears any rise in prices of petrol or diesel to bail out these companies would adversely impact inflation rate- The review came just a day after the Government decided to import five lakh tons of wheat at high prices of around 318 dollars a ton. According to sources, the CCP also discussed the price differential between Indian wheat and the ruling internal while refusing to divulge the details of CPP meeting, Food, Agriculture and Consumer Affairs minister Sharad Pawar said there was enough wheat stocks in the country and imports were only being taken to improve the buffer stock situation. Besides Pawar, Finance Minister P Chidambaram, Steel, Chemicals and Fertilizers Minister Ram Vilas Paswan and Commerce Minister Kamal Nath also attended the meeting. The meeting also discussed the appreciation of rupee which has affected the profit margins of some exporters. On the nsihg vegetable prices, Pawar said it was only a temporary situation due to, water logging that had hampered the movement of goods in some states. Vegetable prices in States like Gujarat have shot up as the supply has been disrupted following heavy rain and floods. The floods have also affected the rail and road routes connecting- the neighboring Rajasthan and Maharashtra and vegetable supplies to the state have been affected, dealers said. Supply of vegetables including onions, cabbage, cauliflower and tomatoes from Maharashtra and Green Peas from Rajasthan has been cut off, sending the prices soaring. As a result, the prices of vegetables have spiraled the last couple of days.
New Delhi 12-Jul-2007
The Government on Wednesday reviewed the price situation prevailing in the country and took stock of the supplies of pulses; sugar and wheat as a part of measures to check inflation rate which had marginally risen to 4.13 per cent for the week ended June 23. The Cabinet Committee on Prices, Chaired by Prime Minister Manmohan Singh, also discussed the rising international crude oil prices that are hovering around a ten month high of 75 dollar a barrel. The oil marketing companies are already demanding correction due to under recoveries as a result of high global prices. However, the Government fears any rise in prices of petrol or diesel to bail out these companies would adversely impact inflation rate- The review came just a day after the Government decided to import five lakh tons of wheat at high prices of around 318 dollars a ton. According to sources, the CCP also discussed the price differential between Indian wheat and the ruling internal while refusing to divulge the details of CPP meeting, Food, Agriculture and Consumer Affairs minister Sharad Pawar said there was enough wheat stocks in the country and imports were only being taken to improve the buffer stock situation. Besides Pawar, Finance Minister P Chidambaram, Steel, Chemicals and Fertilizers Minister Ram Vilas Paswan and Commerce Minister Kamal Nath also attended the meeting. The meeting also discussed the appreciation of rupee which has affected the profit margins of some exporters. On the nsihg vegetable prices, Pawar said it was only a temporary situation due to, water logging that had hampered the movement of goods in some states. Vegetable prices in States like Gujarat have shot up as the supply has been disrupted following heavy rain and floods. The floods have also affected the rail and road routes connecting- the neighboring Rajasthan and Maharashtra and vegetable supplies to the state have been affected, dealers said. Supply of vegetables including onions, cabbage, cauliflower and tomatoes from Maharashtra and Green Peas from Rajasthan has been cut off, sending the prices soaring. As a result, the prices of vegetables have spiraled the last couple of days.