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Rep. Cicilline: Congress has a responsibility to conduct oversight, even if it makes Trump supporters uncomfortable

As the legal battle over President Trump's tax returns rages on, Rep. David Cicilline, D- R.I., Monday argued that Congress should be able to gather all the information possible to conduct oversight, including accessing Trump's financial information.

President Trump made a major move Monday by suing in an attempt to halt a subpoena, issued by the Democratic-led House Oversight Committee, that would compel his accounting firm, Mazars, to reveal his tax returns for the last 10 years.

In the lawsuit, President Trump's lawyer argued that Congress should only be able to view the financial information if there is a legislative purpose. During an appearance on "Outnumbered," Rep. Cicilline, who is also the co-chair of the Democratic Policy and Communications Committee, said that he believes Congress has a right to collect the evidence it sees fit to fulfill its responsibility to conduct oversight.

"I understand that there are some people who think that Congress should not do oversight, and it's kind of rich when the president tries to make himself a victim, as the most powerful man on the planet," Cicilline told host Melissa Francis.

"We are doing our work addressing the economic issues that face the American people, but at the same time, we have to do oversight. I know that that is uncomfortable, but Congress has a responsibility, whatever party, the legislative branch has a responsibility. I know that there are some Trump supporters that think any oversight is unfair, but we have a long tradition of doing oversight, it is part of the responsibility," he added.

COLUMNIST MICHAEL GOODWIN: TRUMP SHOULD VIEW MUELLER REPORT AS A RENEWED LEASE ON OVAL OFFICE

EX-TRUMP ATTORNEY DOWD DISPUTES MUELLER REPORT, SAYS PRESIDENT NEVER TRIED TO OUST SPECIAL COUNSEL

Cicilline went on to discuss the Democrats' new talk of trying to impeach President Trump amid the results of Robert Mueller's investigation. The Democratic representative said he has read the report in its entirety, and that "there was real evidence of the president attempting to interfere with the investigation."

"I think that report is disturbing," Cicilline continued. "It is very damning about the president's conduct. He encouraged people to lie, he encouraged people to not be forthright about events, he himself lied, he attempted to fire the special counsel, he attempted to get Don McGahn to lie about his effort to fire him.

"There is ample evidence of obstruction of justice. It is very clear that the only reason that the president was not charged is that the special counsel concluded that the [Department of Justice] precluded it," he said.

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President Trump maintains that there was no obstruction or collusion on his part, something with which House Democrats vehemently disagree.

Ultimately, Cicilline said, Democrats have more work to do before any further conclusions can be made on the discussion of impeachment.

"There is a process, we will have a series of hearings, which we will take this very seriously, and I think Democrats will continue to be very judicious about it," he said.

Source: Fox News Politics

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Oil prices dip as U.S. crude output hits record 12 million barrels per day

FILE PHOTO: A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy
FILE PHOTO: A Canadian Natural Resources pump jack pumps oil out of the ground near Dorothy, Alberta, Canada, June 30, 2009. REUTERS/Todd Korol/File Photo

February 22, 2019

By Henning Gloystein

SINGAPORE (Reuters) – Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East dominated producer club OPEC to withhold supply and tighten global markets.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.85 per barrel at 0010 GMT, down 11 cents, or 0.2 percent, from their last settlement.

International Brent crude futures had yet to trade.

U.S. crude oil production reached 12 million barrels per day (bpd) for the first time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report.

(GRAPHIC: U.S. oil production & storage levels – https://tmsnrt.rs/2Vanxza)

That means U.S. crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to reach 12 million bpd of production.

As output surges, U.S. oil stocks are also rising.

U.S. commercial crude oil inventories rose by 3.7 million barrels in the week ending Feb. 15, to 454.5 million barrels, the EIA said.

Analysts say U.S. oil firms will export more oil to sell off surplus stocks.

“The continued surge in U.S. production stands as a bearish dynamic for market prices, especially as increasing volumes get sold abroad in a direct challenge to Saudi Arabia and Russia,” said John Kilduff, partner at Again Capital in New York.

For now, at least, the price dips have halted a rally that pushed crude to 2019 highs this week amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million bpd to prevent a large supply overhang from growing.

Another price driver has been U.S. sanctions against oil exporters Iran and Venezuela.

(Reporting by Henning Gloystein; Editing by Joseph Radford)

Source: OANN

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World Health Organization Says Babies Shouldn’t Look at Screens

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Source: InfoWars

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Argentina: Bodies of 600 disappeared wait to be identified

Bonnie and Daniel Loedel walked into a mausoleum with an urn holding the bone remains of their sister Isabel, who had been unidentified for four decades after being forcibly disappeared during Argentina's military dictatorship.

Delivering the simple wooden box was the last step of an arduous identification process that they hope will bring the family closure and, at the same time, thwart the goal of the military regime that rights groups estimate killed or disappeared 30,000 people while seeking to make its victims invisible.

The Remembrance, Truth and Justice Mausoleum for the Victims of State Sponsored Terrorism is at a cemetery in La Plata, a town about 35 miles from Argentina's capital of Buenos Aires. It holds the remains of at least a dozen people who disappeared during the dictatorship.

Source: Fox News World

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Modi government advertising blitz dries up as Indian poll rules kick in

FILE PHOTO: India's Prime Minister Narendra Modi visits the National Cemetery in Seoul
FILE PHOTO: India's Prime Minister Narendra Modi visits the National Cemetery in Seoul, South Korea, February 22, 2019. REUTERS/Kim Hong-Ji/File Photo

March 11, 2019

By Aditya Kalra and Alasdair Pal

NEW DELHI (Reuters) – An advertising blitz by Indian Prime Minister Narendra Modi’s administration, which saw more than 150 newspaper ads exulting over its performance in 10 days, stopped on Monday, a day after the schedule for the next general election was announced.

The election will be held over seven stages from April 11 in what will be the world’s biggest democratic exercise, the Election Commission said on Sunday, when a code of conduct over election campaigning came into force.

Citing the code, the commission said “no advertisements shall be issued in electronic and print media highlighting the achievements of the govt. at the cost of public exchequer”.

Leading English-language national dailies including the Times of India, the Hindustan Times and the Indian Express carried no government ads on Monday.

The New Delhi editions of the same three newspapers had 162 government ads between March 1 and March 10, according to Reuters calculations. Of those, 93 were full page.

Most included a picture of Modi and highlighted government initiatives from rural development and solar power to airport infrastructure and social security benefits, among others.

One of the full-page ads took a broad view to highlight 12 achievements in different sectors, saying it was “putting farmers first” and “national security is top priority”. It ran with a slogan: “impossible is now possible”.

Some people took to Twitter to express their frustration with what they regarded as the excessive advertising.

One user, Dhruv Rathee, last week tweeted a video in which he flipped pages of the Times of India newspaper and said: “Every page you turn has Modi’s face on it”. The video received nearly 82,000 views. (https://bit.ly/2JeDMtQ)

Another Twitter user, Shashank Rajak, said: “It’s so much annoying to read newspapers these days … Do we really need all this nonsense? Pure waste of OUR money.”

Modi faces growing anger about a shortage of jobs and weak farm prices but he is expected to get a popularity boost from his decision to send warplanes into Pakistan to attack an alleged militant site after a Pakistan-based group claimed a suicide bombing that killed 40 Indian paramilitary police in Kashmir.

The Directorate of Advertising & Visual Publicity, a government agency which coordinates with ministries on government ads, did not respond to a request for comment. Modi’s office also did not respond.

It wasn’t immediately clear how much money the government had spent on the ads.

(Reporting by Aditya Kalra and Alasdair Pal; Edited by Martin Howell and Nick Macfie)

Source: OANN

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LB Emanuel retires from NFL

FILE PHOTO: NFL: Los Angeles Chargers at Denver Broncos
FILE PHOTO: Dec 30, 2018; Denver, CO, USA; Los Angeles Chargers outside linebacker Kyle Emanuel (51) warms up before the game against the Denver Broncos at Broncos Stadium at Mile High. Mandatory Credit: Isaiah J. Downing-USA TODAY Sports

April 4, 2019

Free agent linebacker Kyle Emanuel announced his retirement from the NFL on Thursday.

Selected by the San Diego Chargers in the fifth round of the 2015 NFL draft, Emanuel spent four years with the franchise. He has played in 63 games for the franchise. A Nebraska native, he played collegiately at FCS powerhouse North Dakota State.

He played out his four-year, $2.5 million rookie contract and had visited the Detroit Lions and had drawn other interest from other teams, according to multiple reports.

In his Twitter post on Thursday, the 27-year-old Emanuel said injuries have played a part in his retirement.

“There is no one specific reason why I came to this decision, but as I contemplated it this offseason, something told me it was time to walk away,” he wrote. “Although it wasn’t the sole reason, the injuries have started to pile up and I had to take my long-term health into consideration. I have no idea what will come next which is scary and exciting at the same time but I can’t wait to get started on whatever it is.”

Emanuel ends his career with 133 tackles (11 for loss), 10 quarterback hits, four sacks and two interceptions.

–Field Level Media

Source: OANN

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Amazon to offer more than 1,000 apprenticeships in Britain

FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves
FILE PHOTO: The logo of Amazon is seen at the company logistics centre in Boves, France, January 19, 2019. REUTERS/Pascal Rossignol/File Photo

February 26, 2019

LONDON (Reuters) – Online retailer Amazon will create more than 1,000 apprenticeship roles in Britain over the next two years, it said on Tuesday, indicating the country’s imminent departure from the European Union is not deterring it from investing.

With only 31 days until Britain is due to quit the world’s biggest trading bloc, UK lawmakers are deeply divided over how, or even whether, the country should leave.

British retailers’ investment plans are the lowest in seven years ahead of Brexit, and job cuts in the sector have gathered pace, according to a survey from the Confederation of British Industry, published on Friday.

Amazon said the new apprentices would add to more than 27,500 permanent employees currently in Britain.

Last June, the group said it was committed to the country. It added more than 2,500 permanent jobs in Britain in 2018.

Once qualified, the apprentices will work across Amazon’s UK corporate and operations sites, including its UK head office in London and three development centers in Edinburgh, Cambridge in eastern England and in the capital where teams work on innovations including Alexa, machine learning, Prime Video, Prime Air and Amazon’s advanced distribution centers.

(Reporting by James Davey; Editing by Mark Potter)

Source: OANN

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Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London
Members of The Cranberries, bassist Mike Hogan, drummer Fergal Lawler and guitarist Noel Hogan speak to Reuters during an interview in London, Britain, April 24, 2019. REUTERS/Gerhard Mey

April 26, 2019

By Hanna Rantala

LONDON (Reuters) – Irish rockers The Cranberries are saying goodbye with their final album released on Friday, a poignant tribute to lead singer Dolores O’Riordan who died last year.

“In the End” is the eighth studio album from the band that rose to fame in the early 1990s with hits likes “Zombie” and “Linger”, and includes the final recordings by O’Riordan, who drowned in a London hotel bath in January 2018 due to alcohol intoxication.

Work on the album began during a 2017 tour and by that winter, O’Riordan and guitarist Neil Hogan had penned and demoed 11 tracks.

With O’Riordan’s vocals recorded, Hogan, bassist Mike Hogan and drummer Fergal Lawler completed the album in tribute to her.

“When we realized how strong the songs were, that was the deciding factor really… There was no point… trying to ruin the legacy of the band,” Noel Hogan said in an interview.

“It was obvious that Dolores wanted this album done because when you hear the album, you hear the songs and how strong they are, and she was very, very excited to get in and record this.”

The Cranberries formed in Limerick in 1989 with another singer. O’Riordan replaced him a year later and the group went on to become Ireland’s best-selling rock band after U2, selling more than 40 million records.

O’Riordan, known for her strong distinctive voice singing about relationships or political violence, was 46 when she died.

“She was actually in quite a good place mentally. She was feeling quite content and strong and looking forward to a new phase of her life,” Lawler said.

“A lot of the lyrics in this album are about things ending… people might read into it differently but it was a phase of her personal life that she was talking about.”

The group previously announced their intention to split after the release of “In The End”.

“We are absolutely gutted we can’t play (the songs) live because that’s something that’s been a massive part of this band from day one,” Noel Hogan said.

“A few people have said to us about maybe even doing a one off where you have different vocalists… as kind of guests of ours. A year ago that’s definitely something we weren’t going to entertain but I don’t know, I think it’s something we need to go away and take time off for the summer and have a think about.”

Critics have generally given positive reviews of the album; NME described it as “(seeing) the band’s career go full-circle” while the Irish Times called it “an unexpected late career high and a remarkable swan song for O’Riordan”.

Their early songs still play on the radio. This week, “Dreams” was performed at the funeral of journalist Lyra McKee, who was shot dead in Londonderry last week as she watched Irish nationalist youths attack police following a raid.

“We wrote them as kids, as a hobby and 30 years later they are on radio and on TV, like all the time… That’s far more than any of us ever thought we would have,” Noel Hogan said.

“That would make Dolores really happy because she was very precious about those songs. Her babies, she called them and to have that hopefully long after we’re gone… that’s all any band can wish for.”

(Reporting by Hanna Rantala; additoinal reporting by Marie-Louise Gumuchian; Writing by Marie-Louise Gumuchian; Editing by Susan Fenton)

Source: OANN

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2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston
2020 Democratic presidential candidate Elizabeth Warren participates in the She the People Presidential Forum in Houston, Texas, U.S. April 24, 2019. REUTERS/Loren Elliott

April 26, 2019

By Joshua Schneyer and M.B. Pell

NEW YORK (Reuters) – Senator Elizabeth Warren will introduce a bill Friday that offers new protections for U.S. military families facing unsafe housing, following a series of Reuters reports revealing squalid conditions in privately managed base homes.

The Reuters reports and later Congressional hearings detailed widespread hazards including lead paint exposure, vermin infestations, collapsing ceilings, mold and maintenance lapses in privatized base housing communities that serve some 700,000 U.S. military family members.

(View Warren’s military housing bill here. https://tmsnrt.rs/2Dy5aht)

(Read Reuters’ Ambushed at Home series on military housing here. https://www.reuters.com/investigates/section/usa-military)

The Massachusetts Democrat’s bill would mandate both regular and unannounced spot inspections of base homes by certified, independent inspectors, holding landlords accountable for quickly fixing hazards. The military’s privatization program for years allowed real estate firms to operate base housing with scant oversight, Reuters found, leaving some tenants in unsafe homes with little recourse against landlords.

The bill would also require the Department of Defense and its private housing operators to publish reports annually detailing housing conditions, tenant complaints, maintenance response times and the financial incentives companies receive at each base. The provisions aim to enhance transparency of housing deals whose finances and operations the military had allowed to remain largely confidential under a privatization program since the late 1990s.

The measure would also require private landlords to cover moving costs for at-risk families, and healthcare costs for people with medical conditions resulting from unsafe base housing, ensuring they receive continuing coverage even after they leave the homes or the military.

“This bill will eliminate the kind of corner-cutting and neglect the Defense Department should never have let these private housing partners get away with in the first place,” Warren said in a statement Friday.

The proposed legislation comes after February Senate hearings where Warren, a member of the Senate Armed Services Committee who is seeking the Democratic nomination for the 2020 U.S. presidential election, slammed private real estate firms for endangering service families, and sought answers about why military branches weren’t providing more oversight.

Her legislation would direct the Defense Department to allow local housing code enforcers onto federal bases, following concerns they were sometimes denied access. Warren’s office said a companion bill in the House of Representatives would be introduced by Rep. Deb Haaland, Democrat of New Mexico.

In response to the housing crisis, military branches are developing a tenant bill of rights and hiring hundreds of new housing staff. The branches recently dispatched commanders to survey base housing worldwide for safety hazards, resulting in thousands of work orders and hundreds of tenants being moved. The Defense Department has pledged to renegotiate its 50-year contracts with private real estate firms.

Congress has been quick to take its own measures. Earlier legislation proposed by senators Dianne Feinstein and Kamala Harris of California, along with Mark Warner and Tim Kaine of Virginia, would compel base commanders to withhold rent payments and incentive fees from the private ventures if they allow home hazards to persist.

(Editing by Ronnie Greene)

Source: OANN

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FILE PHOTO: Offices of Deloitte are seen in London
FILE PHOTO: Offices of Deloitte are seen in London, Britain, September 25, 2017. REUTERS/Hannah McKay/File Photo

April 26, 2019

By Noor Zainab Hussain and Tanishaa Nadkar

(Reuters) – Deloitte quit as Ferrexpo’s auditor on Friday, knocking its shares by more than 20 percent, days after saying it was unable to conclude whether the iron ore miner’s CEO controlled a charity being investigated over its use of company donations.

Blooming Land, which coordinates Ferrexpo’s Corporate Social Responsibility (CSR) program, came under scrutiny after auditors found holes in the charity’s statements.

Ferrexpo on Tuesday said findings of an ongoing independent investigation launched in February indicated some Blooming Land funds could have been “misappropriated”. It did not provide any details or publish its findings.

Shares in Ferrexpo, the third largest exporter of pellets to the global steel industry, were 23.4 percent lower at 206.1 pence at 1022 GMT following news of Deloitte’s resignation.

“Ferrexpo’s shares are deeply discounted vs peers … following the resignation of Deloitte, we expect downside risks to dominate Ferrexpo’s shares near term.” JP Morgan analyst Dominic O’Kane said in a note on Friday.

Swiss-headquartered Ferrexpo did not provide a reason for the resignation of Deloitte, which declined to comment, while Blooming Land did not respond to a request for comment.

Funding for Blooming Land’s CSR activities is provided by one of Ferrexpo’s units in Ukraine and Khimreaktiv LLC, an entity ultimately controlled by Ferrexpo’s CEO and majority owner Kostyantin Zhevago, Ferrexpo said on Tuesday.

Ferrexpo’s board has found that Zhevago did not have significant influence or control over the charity, but Deloitte said it was unable reach a conclusion on this.

Reuters was not immediately able to contact Zhevago.

In a qualified opinion, a statement addressing an incomplete audit, Deloitte said it had been unable to conclude whether $33.5 million of CSR donations to Blooming Land between 2017 and 2018 was used for “legitimate business payments for charitable purposes”.

Deloitte said on Tuesday that total CSR payments made to Blooming Land by Ferrexpo since 2013 total about $110 million.

Ferrexpo, whose major mines are in Ukraine, has said that the investigation was ongoing and new evidence pointed to potential discrepancies.

Zhevago, 45, who ranked 1,511 on Forbes magazine’s list of billionaires for 2019 with a net worth of $1.4 billion, owns the FC Vorskla soccer club and has been a member of Ukraine’s parliament since 1998.

(Reporting by Noor Zainab Hussain and Tanishaa Nadkar in Bengaluru and additional reporting by Pavel Polityuk in Kiev; editing by Gopakumar Warrier, Bernard Orr)

Source: OANN

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Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba
Children walk past a damaged building in the aftermath of the Cyclone Kenneth in Pemba, Mozambique April 26, 2019 in this still image obtained from social media. SolidarMed via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT. NO RESALES. NO ARCHIVES

April 26, 2019

By Emma Rumney and Stephen Eisenhammer

JOHANNESBURG/LUANDA (Reuters) – Cyclone Kenneth killed at least one person and left a trail of destruction in northern Mozambique, destroying houses, ripping up trees and knocking out power, authorities said on Friday.

The cyclone brought storm surges and wind gusts of up to 280 km per hour (174 mph) when it made landfall on Thursday evening, after killing three people in the island nation of Comoros.

It was the most powerful storm on record to hit Mozambique’s northern coast and came just six weeks after Cyclone Idai battered the impoverished nation, causing devastating floods and killing more than 1,000 people across a swathe of southern Africa.

The World Food Programme warned that Kenneth could dump as much as 600 millimeters of rain on the region over the next 10 days – twice that brought by Cyclone Idai.

One woman in the port town of Pemba died after being hit by a falling tree, the Emergency Operations Committee for Cabo Delgado (COE) said in a statement, while another person was injured.

In rural areas outside Pemba, many homes are made of mud. In the main town on the island of Ibo, 90 percent of the houses were destroyed, officials said. Around 15,000 people were out in the open or in “overcrowded” shelters and there was a need for tents, food and water, they said.

There were also reports of a large number of homes and some infrastructure destroyed in Macomia district, a mainland district adjacent to Ibo.

A local group, the Friends of Pemba Association, had earlier reported that they could not reach people in Muidumbe, a district further inland.

Mark Lowcock, United Nations under-secretary-general for humanitarian affairs, warned the storm could require another major humanitarian operation in Mozambique.

“Cyclone Kenneth marks the first time two cyclones have made landfall in Mozambique during the same season, further stressing the government’s limited resources,” he said in a statement.

FLOOD WARNINGS

Shaquila Alberto, owner of the beach-front Messano Flower Lodge in Macomia, said there were many fallen trees there, and in rural areas people’s homes had been damaged. Some areas of nearby Pemba had no power.

“Even my workers, they said the roof and all the things fell down,” she said by phone.

Further south, in Pemba, Elton Ernesto, a receptionist at Raphael’s Hotel, said there were fallen trees but not too much damage. The hotel had power and water, he said, while phones rang in the background. “The rain has stopped,” he added.

However Michael Charles, an official for the International Federation of the Red Cross and Red Crescent Societies (IFRC), said heavy rains over the next few days were likely to bring a “second wave of destruction” in the form of flooding.

“The houses are not all solid, and the topography is very sandy,” Charles said.

In the days after Cyclone Idai, heavy inland rains prompted rivers to burst their banks, submerging entire villages, cutting areas off from aid and ruining crops. There were concerns the same could happen again in northern Mozambique.

Before Kenneth hit, the government and aid workers moved around 30,000 people to safer buildings such as schools, however authorities said that around 680,000 people were in the path of the storm.

(Reporting by Emma Rumney and Stephen Eisenhammer; Writing by Emma Rumney; Editing by Janet Lawrence and Alexandra Zavis)

Source: OANN

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A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai
FILE PHOTO: A worker holds a nozzle to pump petrol into a vehicle at a fuel station in Mumbai, India, May 21, 2018. REUTERS/Francis Mascarenhas

April 26, 2019

By Manoj Kumar and Nidhi Verma

NEW DELHI (Reuters) – Surging global oil prices will pose a first big challenge to India’s new government, whoever wins an election now under way, especially as domestic prices have been allowed to lag, meaning consumers are in for a painful surge as they catch up.

For oil-import dependent India, higher global prices could lead to a weaker rupee, higher inflation, the ruling out of interest rate cuts and could further weigh on twin current account and budget deficits, economists warned.

But compounding the future pain, state-run fuel suppliers and retailers have held off passing on to consumers the higher prices during a staggered general election, which began on April 11 and ends on May 23, according to sources familiar with the situation.

That delay is expected to be unwound once the election is over. And there could be additional price increases to make up for losses or profits missed during the period of delayed increases, the sources said.

In some major Asian countries, such as Japan and South Korea, pump prices are adjusted periodically so they move largely in tandem with international crude prices.

That was what was supposed to happen in India but the election means there have been many days when pump prices have been unchanged.

In New Delhi, for example, while crude oil prices have gone up by nearly $9 a barrel, or about 12 percent, in the past six weeks, gasoline prices have only risen by 0.47 rupees a liter, or 0.6 percent.

State-controlled fuel suppliers and retailers declined to say why they had delayed price increases, or discuss whether there has been any pressure from the government of Prime Minister Narendra Modi.

A government spokesman declined to comment.

The opposition Congress party said Modi’s government was violating its own policy of daily price revision by advising the state oil companies to hold prices steady.

“The government should cut fuel taxes otherwise consumers will have to pay much higher oil prices once the elections are over,” said Akhilesh Pratap Singh, a senior leader of the Congress party.

(GRAPHIC: India Polls: Fuel price hike lags crude surge – https://tmsnrt.rs/2XLlxik)

Nitin Goyal, treasurer at the All India Petroleum Dealers Association, representing fuel stations in 25 states, said prices were similarly held down for 19 days in the southern state of Karnataka last year, when it held state assembly elections.

Only for them to surge after the vote.

“Consumers should be ready for a rude shock of a massive jump in retail prices, similar to the level we have seen in the Karnataka state election,” Goyal said.

‘CREDIT NEGATIVE’

Sri Paravaikkarasu, director for Asia oil at Singapore-based consultancy FGE, said retail prices of gasoline and gasoil prices would have been up to 6 percent, or about 4 rupee, higher if they had been allowed to rise in line with global prices.

“Indian pump prices have failed to keep up with the recent uptrend in crude prices,” Paravaikkarasu said.

“With the country’s general elections underway, the incumbent government has been keeping pump prices relatively unchanged.”

India had switched to a daily price revision in June 2017 from a revision every two weeks, as the government allowed retailers to set prices.

But the government faced protests last October when retailers raised prices by up to 10 rupees a liter after the crude oil price went above $80 a barrel, forcing it to cut fuel taxes.

Global prices rose to their highest level in 2019 on Thursday, days after the United States announced all Iran sanction waivers would end by May, pressuring importers including India to stop buying Tehran’s oil. [O/R]

Higher oil prices will mean Asia’s third largest economy is likely to see growth of less than 7 percent rate this fiscal year, economists said. Growth slowed to 6.6 percent in the October-December quarter, the slowest in five quarters.

Rating agency CARE has warned that a 10 percent rise in global oil prices could increase demand for dollars, putting pressure on the rupee and widening the current account deficit.

India’s oil import bill rose by nearly one-third in the fiscal year ending March 31 to $140.5 billion, against $108 billion the previous year.

“The increase in international oil prices is a credit negative for the Indian economy,” ICRA, the Indian arm of the Fitch rating agency, said in a note.

“Every $10/ bbl increase in crude oil prices increases the fiscal deficit by about 0.1 percent of GDP.”

Any big price rise would also build a case for the central bank to keep rates steady, or even raise them.

The Reserve Bank of India’s Monetary Policy Committee, which cut the benchmark policy repo rate by 25 basis points this month, warned that rising oil and food prices could push up inflation.

Policymakers are worried that a sustained increase in the oil price in the range of $70-75/barrel or higher can move the rupee down by 3-4 percent on an annual basis.

The rupee has depreciated by 1.24 percent against the dollar since a year high in mid-March.

($1 = 70.1800 Indian rupees)

(Reporting by Manoj Kumar and Nidhi Verma; Editing by Martin Howell and Rob Birsel)

Source: OANN

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