The move comes at a time when India is staring at the highest ever tax collection shortfall, as corporate and income tax collection for this fiscal year is set to fall for the first time in at least two decades and the goods and services tax revenue could see a gaping shortfall.
Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.
The fuel prices for February-2022 in the UAE have witnessed a remarkable increase compared to last month (January) up by 24-29 fils per liter, according to the fuel distribution companies.
India’s fuel demand climbed to an eight-month high in November, government data released on Friday showed, as festivals and a pick-up in industrial activity boosted sales in the world’s No. 3 oil consumer.
As the prices of all types of fuel exceeded the Dhs3 dirhams for the first time in the history in the UAE. These prices include a value-added tax of 5 per cent.
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.
Pakistan and Bangladesh are rationing gas and buyers across South Asia are seeking alternative fuels after spot liquefied natural gas (LNG) prices surged to record highs, government and industry officials told Reuters.
Fresh violence raged in Kazakhstan's main city on Thursday after Russia rushed in paratroopers overnight to put down a countrywide uprising in the former Soviet state closely allied to Moscow.
The country's new Prime Minister Shehbaz Sharif has vowed to jumpstart a moribund economy, certain to be a major issue in elections due next year. Pakistan has repeatedly sought international support and suffers from a chronically weak tax base.