The cabinet on Thursday approved a Rs 8,000-crore scheme to provide cooking gas (LPG) connections free of cost to women members of poor households.
'Individual beneficiary desirous of availing the benefits under the scheme (PMUY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication,' said a gazette notification issued by the ministry of petroleum and natural gas.
Jet fuel or ATF price on Tuesday was hiked by a steep 8.5 per cent - the second increase in a month, while commercial cooking gas rate was cut by Rs 100 per cylinder in line with divergent trends in international benchmarks. Aviation turbine fuel (ATF) price was increased by 7,728.38 per kilolitre, or 8.5 per cent, in the national capital to Rs 98,508.26 per kl, according to a price notification of state-owned fuel retailers. Rates, which vary from state to state depending on the incidence of local sales tax or VAT, have been increased on firming up of global rates that followed four months of decline.
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All subsidies will be eliminated by March 2018
A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously, according to a price notification of State-owned fuel retailers.
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State-owned fuel retailers are losing close to Rs 3 per litre on selling diesel while the profit on petrol has trimmed due to recent firming up in international oil prices, industry officials said detailing reasons for continuing to hold retail prices. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), who control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
The government on Thursday said it will "look into" a demand to raise the quota of subsidised LPG cylinders to 12 per household in a year from the current limit of nine, a day after the price of non-subsidised LPG was increased by a steep Rs 220.
Over 12,450 LPG users have so far voluntarily given up their subsidies, but this accounts for only 0.008 per cent of about 15 crore (150 million) domestic cooking gas consumers in the country.
Jet fuel (ATF) price was on Monday hiked by a steep 56.5 per cent and that of non-subsidised cooking gas LPG by Rs 11.5 per cylinder on the back of firming up of international oil rates, but petrol and diesel prices continued to remain on freeze for a record 78th day. Aviation turbine fuel (ATF) price was hiked by Rs 12,126.75 per kilolitre (kl), or 56.5 per cent, to Rs 33,575.37 per kl in the national capital, according to a price notification by State-owned oil marketing companies.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
New schemes allows consumers without Aadhaar to receive cash directly in their bank accounts
Indian Oil Corporation on Monday said there was no shortage of LPG even as it claimed it was checking against diversion of cooking gas for unauthorised use.
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.
Global crude oil prices have slumped by 49 per cent during the same period
To cut subsidy bill and reduce fiscal deficit, the previous United Progressive Alliance government had restricted the number of subsidised domestic cylinders per household to six every year in September 2012, revising it to nine the following January
Despite the steep hike of Rs 20 per LPG cylinder announced last week, domestic cooking gas in India is still the cheapest in the subcontinent.
The phased increase of prices is being done to sell the fuel at international prices.
After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels.
The ruling United Progressive Alliance's political leadership is holding consultations on options like raising diesel and LPG prices to cut an unprecedented Rs 160,000 crore (Rs 1,600 billion) revenue loss expected from selling auto and cooking fuel below cost this fiscal.
Indian govt must find solution to ever increasing LPG subsidy. Govt must cap LPG subsidy.
Hindustan Motors Limited, the first Indian car company, is planning to launch cars on its ambassador platform with sequential liquefied petroleum gaseous (LPG) injection systems in three months.
Raising the issue during Zero Hour, Congress member Jagdambika Pal said the move had led to a flourishing black market and made a strong demand for raising the cap of LPG cylinders from six to at least 12.
The Direct Benefit Transfer for LPG scheme was rolled out in 291 districts from June 1, 2013 in six phases to do away with the practice of selling the fuel at below cost rates.
Hindustan Motors Limited, a C K Birla group company, on Sunday launched the LPG version of its Ambassador for the taxi and private car segments in the country.
ONGC on Friday said it hopes to begin marketing of LPG and Kerosene soon.
Officials said the oil marketing companies had provided data to the Income Tax department.
A clarification on delinking Aadhaar account from disbursal of subsidised LPG cylinders would be issued within a week, Petroleum and Natural Gas Minister Veerappa Moily said during Question Hour.
The government wants to bring down the subsidies on kerosene, LPG and diesel in a way that does not impact the people in a major manner and takes away subsidies from people who do not deserve them.
Govt targets 1 cr consumers to give up LPG subsidy.
Rs 7,024 cr transferred under LPG cash subsidy scheme.
Rates have been on the upswing since October, 2016.
The 5-kg cylinder will be price at market rate.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price cut will bring relief to the cash-strapped carriers.
Petroleum Minister Ram Naik said there was no shortage of domestic cooking gas in the country, as imports made up for the shortfall in LPG output arising out of the shutdown of a crucial unit in the Jamnagar refinery of Reliance Industries Ltd.
State-run Indian Oil Corporation (IOCL) reported a weak performance in the fourth quarter of FY24 (January-March 2024), and the turmoil in the energy market indicates it could endure another lacklustre quarter. The oil marketing company (OMC) reported an Ebitda of Rs 10,400 crore, down 27 per cent year-on-year (Y-o-Y) due to weak reported gross refining margin (GRM) of $8.4 per barrel in Q4FY24, which was almost half the consensus expectation of $15 per barrel.
Petroleum and oil marketing companies raised the price of commercial liquid petroleum gas (LPG) cylinders by Rs 350.50 per unit and domestic LPG cylinders by Rs 50 per unit with immediate effect from Wednesday.
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