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.
Targeting Modi over inflation, Priyanka called him a "mehengai" man.
The calculation is based on annual usage of eight cylinders per household.
With Congress party vice president Rahul Gandhi making a strong pitch for raising LPG cap, Oil Minister M Veerappa Moily on Friday said the quota of subsidised cooking cylinders will be hiked to 12 from 9 per household.
Under pressure from his party, Oil Minister M Veerappa Moily said the government is considering increasing the quota of subsidised LPG cylinders to 12 per household even as hints were dropped of a one-time hike in diesel and LPG rates
Indian Oil Corporation has developed an indigenous technology that can double LPG production in refineries, Petroleum Minister Murli Deora said on Thursday.
The domestic LPG business in the country, which caters to 133 million households, has undergone a sea of reforms in the current financial year, helping the government check the burgeoning subsidy bill.
Hazra, the director of Hindustan Aegis LPG Bottling, said that the government's stance was discouraging the multinationals from making further investments.
The price of non-subsidised cooking gas (LPG) was on cut by Rs 21 per cylinder and that of jet fuel (ATF) by a steep 3 per cent on the back of falling international oil rates.
Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
This is the second straight increase in jet fuel rates in as many months.
Domestic cooking gas (LPG) price was on hiked by Rs 3.46 per cylinder after the government raised the commission paid to dealers by over 9 per cent.
Even as Minister of State for Petroleum Dinsha Patel has told the Rajya Sabha that new connections are easily available for genuine customers, householders all over India are facing an acute shortage of LPG cylinders.
Oil marketing companies IndianOil, Bharat Petroleum and Hindustan Petroleum together blocked nearly 2.9 million LPG connections belonging to customers having more than one connection across states.
Maharashtra Bharatiya Janata Party demanded on Monday that people in the state should be sanctioned 12 cylinders of LPG instead of six at subsidised rate before Diwali.
The Cabinet Committee on Economic Affairs may raise the subsidised LPG cylinder quota from 9 to 12 at the next meeting, Petroleum Minister M Veerappa Moily said.
Having made Aadhaar mandatory for receiving subsidised cooking gas (LPG) in 19 districts, Oil Minister M Veerappa Moily on Wednesday said the unique identification card will no longer be a must for giving subsidises unless cleared by the Supreme Court.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
The government on Wednesday put on hold a hike in LPG prices in states including Karnataka, Madhya Pradesh and Kerala, where an increase in local levies had led to a rise in fuel rates.
In the first price revision after the government capped the number of subsidised cylinders for consumers, domestic liquefied petroleum gas (LPG) has become nearly 17 per cent dearer, thanks to firm international prices.
Despite his Rs 13 crore assets, former Jammu-Kashmir Chief Minister Farooq Abdullah has applied for a LPG cylinder subsidy.
Diesel and cooking gas (LPG) prices are unlikely to be hiked even after the end of the Monsoon Session of Parliament next week as the government is wary of taking such a decision at a time when it already has political battles on hand.
Congress general secretary Bhanwar Jitendra Singh on Tuesday said there is no truth in the speculation of senior party leader Kamal Nath joining the Bharatiya Janata Party and claimed such talks were a creation of the media and the saffron party.
A low intensity bomb blast at a popular eatery in Bengaluru on Friday left 10 people injured, leading the police to invoke the stringent UAPA provisions in the case. Subsequently, the police were looking into all angles related to the incident.
The report of the National Bomb Data Centre, under the National Security Guard, differs from that of the State Forensic Science Laboratory, Junga, and the police investigation according to which a gas leak had caused the blast.
The Regional Transport Office in Madurai has received clearance from the government for allowing Maruti Omni van owners to use LPG cylinders to run their vehicles.
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden on cash-strapped carriers.
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.
In September 2012, the government had capped the number of LPG cylinders at six to reduce the subsidy burden.
Kharadi has eight children -- four sons and as many daughters -- from two wives. The entire family lives in Neechla Thala village, about three kilometres from Kotda tehsil of Udaipur.
Domestic LPG costs Rs 348.89 less than the cylinders meant for commercial use and this difference often leads them into restaurants and hotels who are supposed to use only industrial LPG, a Petroleum Ministry official said. All cylinders will be tagged with a unique number and consumers will be issued smart cards. Every time a refill is delivered, the unique number would be stored on the smart cards.
Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
Aviation turbine fuel to now cost more.
Former Petroleum Minister and senior Bharatiya Janata Party leader Ram Naik on Wednesday flayed the Congress-led government for raising the LPG prices, saying the burden on the common man could have been avoided by cutting duties.
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
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