Fuel subsidies News

A total of 1,152 people were detained, seven were killed, 1,340 were injured. Ecuadorian President Lenin Moreno had on Saturday placed the national capital under curfew and military control following several days of mass protests against his decree cancelling fuel subsidies.

Notwithstanding the impact of demonetisation, India returned to fiscal consolidation in the fiscal year 2016-17 largely due to the near-elimination of fuel subsidies and enhanced targeting of social benefits, the IMF said on Wednesday.  

Iran will raise gasoline prices by some 40 percent, the country's official news agency reported, the latest cut to the Islamic Republic's fuel subsidies that cost it some USD 32 billion a year.

Falling crude prices are an unprecedented test for producers of unconventional oil and a golden opportunity for governments to phase out costly subsidies, the head of the International Energy Agency (IEA) said on Monday.

Global rating agency Moody's Investors Service said Monday that the oil ministry's plan to divide fuel subsidies equally between the government and the two state-owned upstream oil and gas producers namely ONGC and Oil India, is credit positive for both companies.

To bolster economic growth, India should continue to gradually bring down the fiscal deficit and usher in fuel subsidy reforms, a senior International Monetary Fund official said.