Channel 19

Todd Dills

Diesel’s not down everywhere

| January 05, 2009

n.reuters.com/article/businessNewsdINIndia-37289620090105″>according to Reuters — that began Monday in India, driven by the Indian trucking industry’s demands for cheaper diesel (by 10 rupees per liter, about 21 cents), reduce taxes and equal treatment as India’s government bails out other industries there. “>India cut prices of petrol and diesel on Dec. 8 after crude oil tumbled,” Reuters reported, “but the economy, Asia’s third largest, has shown palpable signs of slowing amid a global financial crisis, after growing at 9 percent or more in the past three years.”

Dec. 8, as oil prices go, was a long time ago — on world markets, it’s fallen further in subsequent weeks. One wrinkle in that dynamic in India, noted in a quote from the Indian Oil Minister in the UK-based Economic Times, is that the government, which sets many commodities prices, including fuel, didn’t raise the prices significantly over the summer there, when many of us were paying $4-plus for diesel.

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  • Todd Dills

    The Hindu reports that “edible oils” futures prices, such as those for palm oil, are up on news of the Indian truckers’ strike. Another stroke for alternative energy? -TD