Pakistan govt tax on oil is more than subsidy

" The Pakistan government has worked out a subsidy of Rs85 billion after this month’s change in petroleum prices, which is much less than what it is earning by slapping sales tax and petroleum development levy, official sources revealed Thursday. Sources in the petroleum...

Biofuels company ditches NZ

    Leading United Kingdom biofuel producer Argent Energy is shelving plans to invest more than $100 million in New Zealand. " Dickon Posnett, managing director of Argent Energy's NZ subsidiary, says New Zealand's proposed legislation in the Biofuels Bill makes...

India: Inflation touches new high of 11.91%

" NEW DELHI: The annual inflation rate climbed to 11.91 per cent for the first time in more than 13 years in early July, driven by higher costs of commodities and strong demand in the economy. This is a quarter per cent jump week on week. ( Watch ) The fuel, power and...

Government relents and scraps fuel duty rise

The UK government has cancelled a planned 2p rise in fuel tax in light of the ever increasing petrol prices. However the timing to the decision, coming as it does shortly before the very important by-election in Glasgow East, has being deemed suspicious. Gordon Brown may be...

Violent Fuel Protests in Brussels

Dozens of angry fishermen were arrested in Brussels after scuffles and violence broke out during a protest against rising fuel prices.The fishermen, mostly from France and Italy, occupied the European Commission's headquarters and fired flares at police, who then charged...