Consumers may have to burn a larger hole in their pockets to keep their vehicles running as retail prices of petrol and diesel are set to hit all-time high levels all over again soon.
The inclusion of petroleum products under the Goods and Services Tax (GST) will not prevent price fluctuations as India is a massive importer of crude and domestic prices will reflect global price movements, said Sanjeev Sanyal (in pic), principal economic advisor in the finance ministry.
The government is likely to notify a policy on Tuesday for blending 15 per cent methanol with petrol, a move set to bring down fuel cost for motorists besides reducing pollution.
After a change in GDP formula that helped the Narendra Modi government paint a rosier picture of the economy, it has now been decided to adopt new norms for calculating highway construction.
A fresh crisis seems to be brewing for coal-fired power stations in the country as a sharp increase in the price of the dry fuel in prime import market of Indonesia is fast making projects run on overseas coal redundant.
The government is planning to bring in fresh checks on pricing of natural resources such as iron ore and coal. An inter-ministerial group, led by the steel ministry and Niti Aayog, will begin work soon to determine whether a pricing cap should be put to prevent profiteering by miners.