Retail prices in the city are up 11% this year and reached Rs 100.72 ($1.39) a litre on Tuesday, Indian Oil Corp data show. The equivalent price in the US financial center is $0.79, according to Bloomberg calculations based on figures from the New York State Energy Research and Development Authority.
Gasoline prices in India’s financial capital of Mumbai have risen past the 100-rupee-a-liter mark for the first time ever, among the costliest in the country and almost twice the price in New York. Retail prices in the city are up 11% this year and reached Rs 100.47 ($1.39) a liter Monday, Indian Oil Corp. data show. The equivalent price in the US financial center is $0.79, according to Bloomberg calculations based on figures from the New York State Energy Research and Development Authority. Indian fuel prices have soared in the past year as Prime Minister Narendra Modi’s administration has repeatedly raised sales taxes to cushion worsening public finances. Levies now make up around 60% of the retail price and federal taxes on gasoline and diesel have surged nearly six-fold since 2013.
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In the United States, financing infrastructure and clean energy projects is often contingent on the quirks of partisan dealmaking in Congress. But there may be a better way.
A green bank model has been successful in several other countries. The United Kingdom’s green bank funded much of its offshore wind boom before the government sold it in 2017. (The current UK government is exploring bringing it back.) Through Australia’s green bank, the largest in the world, the country has invested in wind, solar, and hydrogen development in addition to financing the construction of energy-efficient homes.