Diabytes
Oil price hike News
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The government has given another big blow to the inflation-stricken people in Bangladesh. Last night, the prices of petrol-diesel were increased by 51.7 percent.
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The increase is based on assumption that global price of diesel and petrol and Rupee-US Dollar exchange rate remain stable hereon.
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In a report, Moody's said while ONGC did not reduce capital spending on oil and gas exploration and production, it halted the pace of its international expansion as a response to the oil price slumping from USD 140 per barrel to under USD 40.
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Due to continuous pressure on rupee against dollar, prospects for cut in the policy rates by the RBI mabe be adversely affected.
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Oil prices resumed their slide on Tuesday after rising in their biggest rally in two years the day before, hurt by a deal that will add more Iraqi crude to already oversupplied markets, higher margin requirements for trading U.S. futures, and a stronger dollar.
The government is watching crude oil prices in the wake of Iraq crisis, Finance Secretary Arvind Mayaram said on Saturday.
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