Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
India will import five additional cargoes of LPG in November to meet the shortfall in domestic cooking gas created due to the unplanned shutdown of a crucial unit of Reliance Industries Ltd's Jamnagar refinery.
RIL accounted for over a quarter of the country's LPG production of around 8.5 million tonnes per annum (mtpa) last year. Around 2.5 mtpa LPG - the only petroleum product in which India is not self-sufficient - was imported last year to meet the domestic demand of 11 mtpa. RIL is planning to cut LPG production at Jamnagar from 2.3 mtpa to around 1.6 mtpa from mid-2008 following the grant of export-oriented-unit (EoU) status to the refinery.
Aviation turbine fuel to now cost more.
Petroleum Minister Murli Deora on Saturday said the government is considering to prices of petroleum products in the next few days.
There will be no change in LPG and kerosene rates, Oil Minister M Veerappa Moily told reporters in New Delhi after the meeting on Cabinet Committee on Political Affairs. "I am happy to inform the Cabinet Committee on Political Affairs has decided to raise the cap on subsidised LPG to nine cylinders per household in a year from existing six cylinders," he said.
A top oil ministry official said it will be "suicidal" to even think of raising prices of diesel, LPG or kerosene just before Parliament is to meet.
A subsidised 14.2-kg cylinder will now cost Rs 425.06 in Delhi as against Rs 423.09 previously, according to State-owned oil firms
Norwegian LPG cylinder maker Ragasco is planning a JV in India to tap the Indian LPG market.
Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company.
The government on Wednesday ruled out any hike in the prices of LPG and kerosene in the face of war threats hovering over Iraq but said deposit money for LPG cylinders might come down in a couple of days.
In a step towards dual pricing of domestic cooking gas, the government has decided to allow oil-marketing companies to sell the fuel at market prices in distinct fibreglass cylinders. IOC, BPCL and HPCL will sell these cylinders in Bangalore, Mumbai and Pune, which have been identified as test beds for the pilot project. The companies could revise fuel prices for transparent cylinders as LPG for them will not be subsidised. Feasibility of this project is yet to be adjudged.
The country is facing no shortage of domestic cooking gas at the moment, Petroleum Minister Murli Deora told the Rajya Sabha on Tuesday. As on October 1, 2007, OMCs were serving 9.79 crore LPG customers through their 9,355 distributorships. OMCs have released 27.7 lakh new LPG domestic connections in the country during April-September.
TVS Motors is exploring LPG and CNG enabled two wheelers. It is also ready to launch electric scooters.
The alternative fuel fever has caught up with Chennai-based TVS Motor Company, synonymous with 'TVS Scooty'. Having entered the electric scooter segment, the company is exploring LPG and CNG two wheelers.
After the increase, cost of a subsidised 14.2-kg cylinder will be Rs 417 a cylinder from Rs 414 in Delhi.
1.46 lakh such consumers have voluntarily given up the subsidy.
The LPG variant will be priced Rs 21,500 more than the existing petrol model. The ex-showroom Delhi price for Santro eco (GL) is Rs 354,294 and Santro eco (GLS) is Rs 373,357.
This is the second postponement of the DBT launch in LPG. It was initially planned to be introduced from January 1.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
Ahead of the upcoming elections, political parties have started announcing incentives to benefit women, but what do women truly seek for genuine gender parity, asks Nivedita Mookerji.
Aviation turbine fuel or jet fuel price was on Wednesday hiked by a steep 9.2 per cent, while that of non-subsidised cooking gas was raised by Rs 21 per cylinder.
LPG rates were last hiked on November 1 by Rs 2.05 per cylinder. Prior to that rate was hiked on October 28 by Rs 1.5 per cylinder on account of hike in commission paid to dealers.
In September, issue of new LPG connections had been put on hold pending a massive nationwide exercise to eliminate multiple connections
Petroleum ministry expects that this would encourage the rich and affluent also to voluntarily give up the subsidised LPG.
Close on the heels of a 70 paise per litre hike in petrol prices, the Oil Ministry is pushing for an increase in diesel and domestic cooking gas LPG prices, even though it is unsure of political support for the unpopular move with the ruling UPA alliance.
Describing the order as a "matter most urgent", the director asked the oil marketing companies to make adequate stocks of LPG which can last up to two months both at bottling plants as well as godowns.
The government may permit Reliance Industries Limited to export surplus LPG from the west coast and allow it to import on the deficit east coast to make huge savings on freight cost.
Lieutenant Commanders Dilna K and Roopa A will remain at sea for 8 months. They will rely on wind power, do the repairs on the boat themselves and navigate some the world's most treacherous waters.
When household bills for Liquefied Petroleum Gas (LPG) jump over 60 per cent for those using 12 refills a year, the increase in the price of cooking fuel will beat that of petrol.
There are about 15.3 crore LPG consumers in the country.
State-owned Indian Oil Corporation has begun stockpiling 15 days' supply of domestic cooking gas to meet contingencies like disruption in crude oil supplies in the event of war in Iraq.\n\n\n\n
In a bold suggestion, Minister of State for Petroleum R P N Singh today said affluent people should voluntarily stop buying subsidised LPG and said he will be the first person to pay market price for the fuel, which is Rs 287 per cylinder more than the current rate.
Restoration of Article 370 and Jammu and Kashmir's statehood as well as implementation of the autonomy resolution passed by the erstwhile assembly in 2000 are among the National Conference's 12 guarantees announced in its manifesto for the upcoming polls.
Diesel sales in India fell 3 per cent in September as a receding monsoon continued to dampen demand and slowed industrial activity in some parts of the country, preliminary data of state-owned firms showed. While diesel sales by three state-owned fuel retailers fell year-on-year, petrol sales rose in September. Consumption of diesel, the most consumed fuel in the country -- accounting for about two-fifths of the demand, fell to 5.81 million tonnes in September from 5.99 million tonnes demand in the same period a year ago.
The Reserve Bank of India on Friday retained its projection for retail inflation at 4.5 per cent for the current fiscal assuming a normal monsoon, while emphasising that uncertainties related to food price outlook warrant a close monitoring. Consumer Price Index (CPI)-based retail inflation has been projected at 4.5 per cent with quarter-wise projections at 4.9 per cent in Q1 (April-June), 3.8 per cent in Q2, 4.6 per cent in Q3, and 4.5 per cent in Q4.
Ruling Peoples Democratic Party spokesman Waheedur Rehman Parra criticised Abdullah for seeking LPG subsidy despite his "huge assets".
Petroleum Minister Murli Deora on Monday launched the service, which will be initially available in the national capital and would be extended to other metropolitan cities, state capitals and towns.
The government is considering allowing private firms to sell subsidised domestic cooking gas LPG, the Lok Sabha was informed on Thursday.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
