There are situations where you need real-time performance, especially in embedded systems. You also have severe memory constraints. A language like C gives you greater control over execution time and execution space.
So, depending on what you are doing, C may very well be "better" or more appropriate.
Check out the following articles
http://theunixgeek.blogspot.com/2008/09/c-vs-python-speed.html
http://wiki.python.org/moin/PythonSpeed/PerformanceTips (especially see Python is not C section)
http://scienceblogs.com/goodmath/2006/11/the_c_is_efficient_language_fa.php
