You will now have to pay more for electricity, piped cooking gas, and taxi, autorickshaw and bus fares because of the hike in gas prices.
Prime Minister Manmohan Singh may convene a meeting of Finance Minister P Chidambaram and Oil Minister Murli Deora within a week to discuss fuel pricing and taxation regime on the sensitive products.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
'The price increases, particularly in respect of cooking gas, that is domestic LPG and PDS kerosene, have been quite minimal.'
Weighed down by anti-incumbency, the BJP heavily banked on Prime Minister Narendra Modi's personal appeal to enable it to sail through in the assembly elections but it was not to be.
The government on Friday said it would not increase the cooking gas and kerosene prices despite escalation in the prices globally.
The government on Friday said it will not increase prices of domestic cooking gas (LPG) and kerosene despite the Budget cutting to half the subsidy on the two mass consumed cooking fuels from April 1.
Uttam Ghosh and Dominic Xavier offer their respective takes on the Modi Sarkar's decision to hike cooking gas LPG prices.
A special cabinet meeting in Karnataka convened to discuss the contentious Social and Educational Survey report, popularly known as 'caste census', ended without a decision. The cabinet will reconvene on May 2 to discuss the report further and make a final decision.
Modi said the push towards a gas-based economy where the share of environment-friendly fuel in the energy basket will be increased from 6.2 per cent to 15 per cent by 2030, will create lakhs of jobs and help meet India's COP-21 commitment of cutting emission intensity by 33-35 per cent.
The hike in prices of petroleum goods led to protests in several parts of the country and many state governments announced the withdrawal of value added tax on petroleum products to lessen the impact of the hike on the common man.
According to reports, the price of petrol is expected to go up by Rs 5 and diesel by Rs 6.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
Petrol will cost Rs 3.73 per litre more from today (Friday), while diesel prices have been increased by Rs 2 a litre. Also, your cooking gas cylinder will now cost Rs 35 more, while kerosene will be priced Rs 3 per litre more.
The Congresshas announced a three-phased campaign, "Mehngai-mukt Bharat Abhiyaan".
Price hikes of controlled petroleum products such as diesel, cooking gas and kerosene have been happening annually in the month of June, irrespective of the companies' losses.
Prime Minister's Economic Advisory Council Chairman C Rangarajan on Thursday pitched for a "substantial" increase in prices of diesel and cooking gas, saying failure to take strong steps would derail the fiscal consolidation process.
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.
The government on Tuesday hiked the prices of petrol by Rs 2 per litre and diesel by Re 1 per litre, besides raising domestic cooking gas LPG prices by Rs 20 a cylinder in Delhi.
An increase in petrol, diesel, domestic cooking gas (LPG) and kerosene prices looks "imminent" after the Finance Ministry said it has no money to provide for fuel subsidy.
Prime Minister Narendra Modi addressed the nation on Independence Day, focusing on economic growth, self-reliance, and national security. He emphasized manufacturing quality products at affordable prices, supporting farmers, and combating terrorism and infiltration.
The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas.
Petrol and diesel prices were hiked for the fourth consecutive day on Saturday by 35 paise per litre, pushing the total increase in rates on petrol to Rs 36 per litre and on diesel to Rs 26.58 since early May 2020 when taxes on the two fuels were raised to record levels. Petrol in Delhi now costs Rs 107.24 a litre and diesel comes for Rs 95.97, according to a price notification of state-owned fuel retailers. The latest increase that follows the unrelenting hike in international oil prices has pushed pump rates across the country to their highest-ever levels.
If sources in the Congress party are to be believed, a hike in the price of petrol, diesel and cooking gas seems "inevitable".
With assembly polls in four crucial states in mind, the government has decided not to increase prices of cooking gas and kerosene for a year.
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.
After the increase, cost of a subsidised 14.2-kg cylinder will be Rs 417 a cylinder from Rs 414 in Delhi.
The ministerial group is to look into pricing of some essential commodities, including petrol, diesel, domestic cooking gas and PDS kerosene. The GoM also includes Defence Minister A K Antony, Finance Minister P Chidambaram, Railway Minister Lalu Prasad, Road Transport, Highways and Shipping Minister T R Baalu and Consumer Affairs Minister Sharad Pawar.
All subsidies will be eliminated by March 2018
The price of liquefied petroleum gas cylinders across all categories, including subsidised LPG, was on Wednesday hiked by Rs 25 per cylinder -- the third straight increase in rates in less than two months.
Congress, Samajwadi Party, Trinamool Congress, Bahujan Samaj Party and Left MPs stormed into the Well of the House, saying the people were being cheated.
The government on Friday decontrolled petroleum prices to bring fuel costs in line with global oil rates after an Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee, met for the second time in less than three weeks to decide on raising fuel prices. Railway Minister Mamata Banerjee was absent again.
'The government's priority is not farmers.'
The opposition Maha Vikas Aghadi on Sunday released its manifesto for the Maharashtra assembly polls, promising free cervical cancer vaccines for girls aged 9 to 16 and and two optional leave days for women employees during menstruation.
The rise in petro-product prices have been necessitated by rising global costs of petroleum and the fact that the price of petrol and diesel has not been increased in India since January 2004.
Sources said both Mukherjee and Deora were in favour of Rs 2-3 a litre hike in petrol and diesel prices and Rs 25 per cylinder increase in LPG rates.
The Congress core group is meeting later in the evening where the implementation of Kirit Parikh Committee report on fuel pricing reforms may be discussed.
