Six non-BJP ruled states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT on petroleum products, leading to higher prices of petrol and diesel there, Petroleum Minister Hardeep Singh Puri said on Thursday. Puri said in Lok Sabha that the central government has reduced excise duty on petroleum products and some other states, following cues, reduced their Value Added Tax (VAT). Six states -- West Bengal, Tamil Nadu, Andhra Pradesh, Telengana, Kerala and Jharkhand -- have not reduced the VAT, he said amidst vocal protests by the opposition members.
The Kelkar Committee has recommended sharp reduction in subsidies on petroleum, food and fertiliser, which the government said was contrary to its policy of protecting the poor.
An unusual Congress protest against rising LPG prices.
'What should surprise BJP supporters is Modi's call for 'stability' at the manifesto launch, a theme that he and his team members had not touched ahead of the Lok Sabha polls in 2014 and 2019.' 'The last time the party called for 'stability at the Centre' was in 1998 and 1999,' recalls N Sathiya Moorthy.
Aviation Turbine Fuel, or ATF, price at Delhi was cut by Rs 3,025.34 per kilolitre, or 4 per cent, to Rs 71,800.21 per kl, according to Indian Oil Corp, the nation's largest fuel retailer.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
State-run oil marketing companies on Monday raised the security deposit for new cooking gas (LPG) connections to Rs 1,250 from the existing Rs 850 per cylinder, as also the price of cylinder regulator due to increase in input costs.
The three government oil marketing companies, Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum, are losing Rs 320 crore a day as they sell at subsidised rates.
A day after Election Commission rap, Oil Minister M Veerappa Moily on Wednesday said the government has not yet taken any decision on raising cap on supply of subsidised LPG cylinders and the EC would have been informed before announcing any decision.
Margins for the oil refining and retailing sector have moved off their peaks, and the average integrated margins (refining plus marketing) for oil marketing companies (OMCs) have normalised. The ascent in crude oil prices, combined with static retail prices, has depressed marketing margins for diesel and petrol. However, the fall in marketing margins has been offset by increased gross refining margins (GRMs).
The Nationalist Congress Party, a partner in state's ruling coalition, on Thursday threatened to launch an agitation if the government failed to take decision within a week on providing three additional subsidised LPG cylinders.
After making it available at petrol pumps, the convenient 5-kg cooking gas (LPG) cylinder will now be available at kirana stores and supermarkets in select cities.
Petroleum Minister Murli Deora today launched the 'Preferred Time LPG Delivery' scheme.
The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised by Rs 16.50 per 14.2-kg cylinder, the first hike in six months.
The fire broke out in an area near the Visakhapatnam Container Terminal and an Indian Oil Corporation facility where fishing boats were anchored.
The price of subsidised cooking gas was on Tuesday hiked by over Rs 2 per cylinder, the sixth increase in rates in five months, while that of jet fuel was raised by a steep 7.3 per cent in step with global trends.
The government is likely to allow Reliance Industries Ltd to sell domestic cooking gas directly to bulk consumers in the country to overcome the problem of glut in LPG during lean season.
Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
The UPA government may consider "minor adjustments" on the LPG cylinder cap in the wake of pressure from within the Congress and Trinamool Congress's decision to withdraw support to the UPA.
Minutes after the Union Cabinet approved raising the cap on subsidised liquefied petroleum gas (LPG) cylinders from nine to 12 per connection in a year, Reserve Bank of India (RBI) Governor Raghuram Rajan questioned the decision, suggesting it was "misdirected subsidy".
His five-year rule saw the Babri Masjid demolition, the rise of the saffron forces and also the country being placed firmly on a new economic path, away from the Nehru years of public sector socialism.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
Indian Oil Corporation and Bharat Petroleum Corporation have backed out of Gail's Vizag-Secunderabad LPG pipeline.
The union government is planning to release about 5.5 crore new LPG connections over the next five years, petroleum and natural gas minister Murli Deora said.
Industry think-tank TERI has demanded an end to government dictats on pricing of petroleum products and sought subsidies on domestic cooking gas (LPG) and kerosene to be directly provided to consumers.
The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised to Rs 922.50 per 14.2-kg cylinder in Delhi on July 1, the first hike in six months.
While hinting that further cut in petrol and diesel prices was likely during the next revision, Petroleum Minister Ram Naik on Saturday ruled out any possibility of increase in prices of LPG and kerosene
Under-realisation on selling domestic LPG and kerosene through public distribution system is likely to be around Rs 50,000 crore (Rs 500 billion) during the current fiscal, Petroleum Minister Murli Deora said on Monday.
LPG prices will go up by Rs five per cylinder every month with the government on Tuesday saying there is no roll-back in the decision.
The poll panel has asked state Congress chief Govind Singh Dotasra to respond to the notices by 3 pm on Thursday and 7 pm on Friday, respectively.
Two persons were killed in an accident at a LPG pipeline of state-owned gas utility GAIL India Ltd at Suryapet in Telangana.
It could become a giant leap towards lasting reform if the experiment in direct benefit transfers for cooking gas subsidies pans out.
In a bizarre incident, a national-level shooter recently lost his left thumb when the 10m air pistol cylinder he was filling exploded, at the Karni Singh Range.
The government has directed state-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum to clear the wait list for domestic LPG connection within the next two months.
In a relief to senior Indian Police Service (IPS) officer Sanjay Kundu, the Supreme Court on Friday set aside the Himachal Pradesh high court direction to remove him from the post of state Director General of Police over allegations that he tried to pressure a businessman who claimed to have received a threat to his life from his partners.
The oil ministry is believed to have turned down Reliance Petroleum Ltd's request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.
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