India, the Wall Street Journal claimed recently, is the Iranian mullahs’ “last best friend” for continuing to buy oil from, and trade with, Iran. Questioning why Prime Minister Manmohan Singh “hasn’t already curtailed dealings with the Islamic Republic,” the Journal wondered if it has to do with the Indian fear of “pushy Westerners.” Accusing India of carrying some “mental baggage from the days of the Non- Aligned Movement,” the paper castigated the country for having failed to grow out of its “adolescent neurosis.”
Indian Prime Minister Manmohan Singh ’s first cabinet reshuffle in almost two years targeted ministries blamed for rising food and fuel costs while passing up the chance to overhaul a government damaged by graft claims.
Indian Oil Corp. , the nation’s largest state-run refiner, will invest 9.61 billion rupees ($211 million) in a nuclear power plant being built jointly with Nuclear Power Corp., Oil Minister Murli Deora said.
India decided to free prices of gasoline and diesel, saying they would be market driven in line with a panel’s recommendations, to cut fuel subsidies and limit losses of state-run refiners including Indian Oil Corp.
Indian Oil Minister Murli Deora traveled to Nigeria, Angola, Uganda, Sudan, Saudi Arabia and Venezuela this year, leading a record number of delegations to gain oil for the world’s third-fastest-growing major economy.
Shares of Indian state-owned oil refiners gained in Mumbai trading after the government said they would get additional compensation to help make up part of the revenue lost on selling fuels below cost.
The 9 percent jump in gasoline prices since the government scrapped controls in June may undermine the biggest bond rally in seven months, say Pramerica Asset Managers Pvt. and Development Credit Bank Ltd.