India and Indonesia react to oil price rises

India on Tuesday made a long-awaited move to increase retail prices of diesel and petrol. Indonesian officials also indicated they were considering bringing their own price rise forward to as early as October 1, following disappointment in financial markets over a vague plan unveiled last week.

The shift by two of Asia’s biggest economies signals the growing impact of high oil prices on the region and the heavy cost being borne by governments that subsidise fuel prices.

Financial Times