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Saturday, December 20, 2008

Pressure mounts on govt for another fuel price cut

The SP MPs wanted foreign minister and leader of the House Pranab Mukherjee, who pointedly busied himself with some papers, to respond. While Mukherjee wore a bemused look, the SP MPs, with the obvious support of other sections of the House, clamoured that the government make a statement.

The House met again soon after, but it is clear that political pressure is beginning to mount on the government to go in for another fuel price cut with the international price of crude down.
Congress MPs said the demand for lower fuel prices was reasonable and would provide direct relief to a large section of consumers from urbanites to farmers.

Asked whether the demand for a fuel cut could gather steam as polls approached, Congress MPs said they did not feel the government should wait much longer. "We would like a reduction right away. A drop in price of diesel will help bring down transport costs and the price of vegetables. It will help farmers who run pump sets," said an MP.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Tuesday, Jun 03
07:00 Current Account Balance 1 -14.7B -12.0B -16.3B Revised from -12.5B
12:00 Consumer Price Index (YoY) 3 -0.1% -0.1% 0.0%
12:00 Consumer Price Index (MoM) 2 0.1% 0.1% 0.0%
14:45 BoE Monetary Policy Report Hearings 3
18:25 Redbook Index (YoY) 1 4.9% 6.1%
19:30 JOLTS Job Openings 2 7.100M 7.192M
19:30 Factory Orders (MoM) 2 -3.0% 3.4% Revised from 4.3%
19:30 RealClearMarkets/TIPP Economic Optimism (MoM) 1 49.1 47.9
n/a GDT Price Index 1 -0.9%
21:15 Fed's Goolsbee speech 2
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