ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
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.
The government should start with two assumptions: first, that oil prices are fundamentally unstable and susceptible to wide fluctuations, and second, that raising the prices of petroleum products is politically difficult.
In five monthly reduction, non-domestic LPG rates have been slashed by Rs 170.5 per cylinder, bringing the price at three-year lows.
Modi had last month launched the 'Give-it-Up' campaign.
The Congress took out marches and observed bandh at several places on Saturday to protest against rising fuel prices.
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.
The Opposition on its part wants to corner the government by raising issues like alleged shortcomings in the healthcare system during the second wave of the coronavirus pandemic and the distribution of Covid vaccines to states.
Oil companies begin pilot testing work on direct LPG subsidy.
The Oil Ministry has proposed a Rs 3-4.50 per litre hike in diesel price and Rs 100 in LPG rates along with raising the number of subsidised cooking gas cylinders for households to nine a year from the current cap of six.
Underrecovery from sensitive petroleum products seen at Rs 1,55,000 cr in current fiscal.
Petroleum ministry expects that this would encourage the rich and affluent also to voluntarily give up the subsidised LPG.
With inflation, oil prices and interest rates rising, Indians are finding it extremely difficult to make ends meet.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
These are initiatives not commonly seen in economic administration.
In a joint statement, SP chief Mulayam Singh Yadav and others alleged that the UPA government has "stuck cruel blows on the people one after another" by raising diesel price, limiting subsidised cooking gas, opening up of multi-brand retail and disinvestment of PSUs.
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.
Govt unlikely to cut excise duties to compensate for higher global prices, say analysts.
A newspaper vendor from Neknoor in Maharashtra tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
'We are happy that the money has come to us immediately after it was announced.' 'For once, the government did what it promised.'
It is the seventh reduction in jet fuel rates since August
Air fares to go up as ATF price is hiked by 8.2%.
This is the tenth hike in the price of petrol in just over a year. With this hike, inflation is likely to rise sharply once again.
Oil and Natural Gas Corporation and GAIL India are likely to give 33 per cent lesser discounts on crude oil and cooking gas to the state-owned refining and marketing companies than estimated as oil prices have tumbled in the last three months and the refiners have started making profits.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
Facing criticism for increasing the retail price of petrol, government-owned Indian Oil Corporation has said the desired increase was actually Rs 3.72 a litre but it chose to "soften the impact on customer" by increasing the price by only Rs 2.50 a litre.
The saving in 2015-16 was about Rs 7,000 crore.
After Congress, the United Progressive Alliance on Thursday endorsed government's recent tough economic decisions and discussed the need "to do more reforms".
'This might prove to be a temporary gain for the BJP, but at a huge cost to the people of Gujarat and democracy in India.'
Dravida Munnettra Kazhagam, a key ally of the ruling United Progressive Alliance, on Tuesday announced its participation in the nation-wide bandh on September 20 called by several non-UPA parties to protest the Centre's decision to hike diesel price, allow FDI in multi-brand retail and limit subsidised cooking gas.
A 14.2-kg LPG cylinder that consumers will have to buy after they exhaust their enhanced quota of 9 subsidised bottles in a year, will cost Rs 942 from today, according to Indian Oil Corporation.
How do you think could the government cut down petrol costs? Could it cut the duty on petrol? What could it do?
Aviation turbine fuel to now cost more.
Though no reason was officially cited for his absence, Trinamool Congress sources here said Mitra will attend a crucial parliamentary meeting of the party in Kolkata on Tuesday to discuss the Centre's decision to hike diesel price, restrict of subsidised cooking gas and allow FDI in retail and decide the future of the party's ties with the United Progressive Alliance.
Indian growth in the rest of this fiscal year and next will be propelled by robust domestic consumption as consumer confidence improves, and by investment, including large increases in government capital expenditure, according to the Asian Development Outlook September 2023. "As slowing exports could foment headwinds for the economy, and erratic rainfall patterns are likely to undermine agricultural output, the growth forecast for FY2023 is revised down marginally to 6.3 per cent," ADB 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.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
It is a pity that the Modi government, which began on the right note when it came to pricing issues, has changed colour and become interventionist in its impulses, says T N Ninan.
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.
