Archive for the ‘Inflation’ Category

Inflation races to 13-year high of 11.05%

June 20, 2008

Inflation raced to a 13-year high of 11.05 per cent for the week ended June 7, 2008, driven by a 7.8 per cent rise in fuel, power and lubricants prices and a 14 per cent surge in ATF prices.

Non-food articles were up by 1.04 per cent. Food articles, however, were down by 1.1 per cent. Inflation was 8.75 per cent for the week ended May 31.

A poll on Wednesday had estimated the annual inflation rate to have jumped to 13-year highs near 10 per cent in early June, powered by a fuel price rise.

The wholesale price index was forecast to have risen to 9.82 per cent in the 12 months to June 7, which would be the highest since June 3, 1995, when annual inflation was at 9.89 per cent.

The forecasts from 12 analysts ranged widely from 9.63 per cent to 10.62 per cent, and compared with an annual rise of 8.75 per cent in the previous week.

Four economists in the poll estimated the data to come in at above 10 per cent, its first double-digit reading since May 27, 1995.

India had raised state-set fuel prices by about 10 per cent on June 4, and the RBI last week raised its key lending rate for the first time in more than a year to contain inflation expectations.

 Courtesy :- Economic Times

 

World’s costliest & cheapest petrol countries

June 20, 2008

Oil pricesThe price of petrol in India is going through the roof. Reason? Global oil prices are at all-time high levels (about $130 per barrel) and the nation’s public sector oil companies can no longer sustain the heavy subsidy on petroleum products.

So the government had no other way out but to increase the prices of petrol, diesel, cooking gas and kerosene and align them with global oil costs.

In dollar terms, the cost of petrol in India is now around $1.32 (Rs 56) per litre. India’s petrol prices are thus higher than those in the United States or Russia or China or Pakistan, as almost 50 per cent of the price of petrol consists of duties and taxes (customs, excise and sales tax).

So which are the nations where the price of petrol is highest and lowest in the world? Note: This is not a comparison of petrol prices in India and other nations. For the sake of simplicity, the dollar price (and the equivalent amount in rupee terms) of petrol has been listed

1$ = Rs 42.275

Turkey: Rs 113.30 per litre

In Turkey, the prices of petrol are the highest in the world. Petrol costs a whopping $2.68 or about Rs 113.30 per litre here. Guess, it’s not a place one would want to drive in.

Norway (Oslo): Rs 112 per litre

In Norway (Oslo), petrol prices are amongst the highest in the world and a shade lower than those in Turkey. In Olso petrol costs $2.65 or about Rs 112 per litre.

United Kingdom: Rs 95.50 per litre

In United Kingdom, too, the cost of petrol is shockingly high. Petrol costs $2.26 or about Rs 95.50 per litre here.

Hong Kong: Rs 84.10 per litre

In Hong Kong, petrol prices are a bit lower than in European nations, but it still boasts of the most expensive oil in Asia. Petrol costs $1.99 or about Rs 84.10 per litre in Hong Kong.

Brazil (Sao Paolo): Rs 66 per litre

In Brazil (Sao Paolo), the price of petrol is much higher than in India and costs $1.56 or approximately Rs 66 per litre.

Canada: Rs 57 per litre

In Canada, petrol costs $1.35 or about Rs 57 per litre, slightly more than the price in India or the United States.

Pakistan: Rs 44.80 per litre

In Pakistan, petrol costs less than it does in India. At $1.06 or about Rs 44.80 per litre, petrol is still affordable here.

The United States: Rs 44.25 per litre

In United States, petrol costs $1.047 or about Rs 44.25 per litre. And this is the price after a recent increase. Even this led to a huge uproar in the nation and reports said that many Americans are now looking to drive fuel-efficient small cars

Russia (Moscow): Rs 42.275 per litre

In Russia (Moscow), petrol costs $1 or about Rs 42.275 per litre. Russia, of course, also has huge oil reserves.

China: Rs 31.30 per litre

In China, petrol costs $0.74 or about Rs 31.30 per litre. That is almost half of what it costs in India.

Malaysia (Kuala Lumpur): Rs 25.40 per litre

In Malaysia (Kuala Lumpur), petrol costs $0.60 or about Rs 25.40 per litre.

United Arab Emirates: Rs 15.65 per litre

In the United Arab Emirates, petrol costs $0.37 or about Rs 15.65 per litre.

Saudi Arabia (Riyadh): Rs 5 per litre

In Saudi Arabia (Riyadh), petrol costs $0.12 or about Rs 5 per litre. That’s 10 per cent of what it costs in India! Petrol costs are phenomenally cheap in Riyadh, but not the cheapest in the world.

Venezuela (Caracas): Rs 2.12 per litre

In Venezuela (Caracas) petrol costs the least in the world. It is priced at $0.05 or Rs 2.12 per litre!

The country subsidises fuel prices for its citizens from the money it makes from selling crude oil to other nations. Venezuela is a major oil-producing nation.

Courtesy:- Rediff