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
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.
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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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.
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.
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.
Indian govt must find solution to ever increasing LPG subsidy. Govt must cap LPG subsidy.
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.
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.
Officials said the oil marketing companies had provided data to the Income Tax department.
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.
Pawar also said it is the moral responsibility of the major Opposition parties in Maharashtra to protect in the state assembly polls the interests of smaller allies, which were part of the coalition in the 2024 Lok Sabha elections.
Govt targets 1 cr consumers to give up LPG subsidy.
Rs 7,024 cr transferred under LPG cash subsidy scheme.
The 5-kg cylinder will be price at market rate.
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.
Rates have been on the upswing since October, 2016.
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.
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.
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.
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.
Indian Oil Corporation has developed an indigenous technology that can double LPG production in refineries, Petroleum Minister Murli Deora said on Thursday.
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
Hazra, the director of Hindustan Aegis LPG Bottling, said that the government's stance was discouraging the multinationals from making further investments.
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.
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.
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Cooking gas (LPG) dealers on Monday threatened to go on an indefinite strike from January 19 unless oil companies stop appointing new distributors.
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.
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.
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.
This is the second straight increase in jet fuel rates in as many months.
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.
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