The government also withdrew the five per cent VAT on compressed natural gas besides bringing back the VAT for tea, coffee and cocoa to five per cent from the proposed 12.5 per cent.
Petrol and diesel sales in the country fell in July over the previous month as the onset of monsoon chipped away demand in some sectors and restricted mobility, preliminary industry data showed. Diesel, the most widely used fuel in the country, saw consumption drop 13.1 per cent to 6.44 million tonnes from 7.39 million tonnes of demand in June. The arrival and intensity of monsoon weigh heavily on diesel demand in the country and consumption traditionally is lower in July-September than in April-June.
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.
State-owned oil firms such as ONGC and IOC will invest over Rs 1.11 lakh crore in the next fiscal year starting April as they supplement the government's massive spending programme to spur economic growth. Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC), GAIL (India) Ltd, Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Ltd (OIL) will together make a 7.4 per cent higher capital expenditure in the 2022-23 fiscal (FY23). The capex spending of Rs 1.11 lakh crore in 2022-23 compares with a revised estimate of Rs 1.04 lakh crore for the current fiscal year that ends in March, according to Union budget documents.
ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl), or 11.9 per cent.
Sri Lanka is going through the worst economic crisis since independence in 1948. A crippling shortage of foreign reserves has led to long queues for fuel, cooking gas and other essentials while power cuts and soaring food prices heaped misery on the people.
Meanwhile, his successor, President Ranil Wickremesinghe tweeted: "Congratulations to the Sri Lankan cricket team on winning the Asia Cup 2022. Well played Pakistan! The second championship for today," he said, adding that it "goes to show that, with dedication and determination we can overcome challenges as a nation. Onwards and upwards Sri Lanka!"
After the increase, cost of a subsidised 14.2-kg cylinder will be Rs 417 a cylinder from Rs 414 in Delhi.
Price has increased from Rs 41.90 to Rs 45.60.
All subsidies will be eliminated by March 2018
The opposition party vowed to hit the streets against the "Modi-made inflation" and run a people's movement over price rise.
The Central Consumer Protection Authority (CCPA) on Thursday directed e-commerce entities to sell specified ayurveda, siddha and unani drugs only after customers upload valid medical prescriptions from registered doctors on the platforms.
The apex court observed that the government could not deny benefits to those who did not have not Aadhaar numbers.
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.
A simple exercise of cooking with constraints can teach a lessson or two in entrepreneurship, like entrepreneurs have to struggle with limited ingredients all the time.
The Oil and Natural Gas Corp has asked the government to review the scheme of sharing of liquefied petroleum gas and kerosene subsidy with upstream firms and said the scheme should not be extended beyond March 2004.
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 on Thursday reviewed the impact of Covid-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic. Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.
Come December 8, and the Congress will again do well in Saurashtra region, he says.
The finance ministry is working on a second relief package for the Indian economy hit hard by the coronavirus outbreak and the 21-day nationwide lockdown imposed to curb the contagion, sources said. Last month, the government announced a Rs 1.70 lakh crore relief package in the form of foodgrains and cash transfers for the poor and vulnerable section of the society to help them deal with the hardships caused by the lockdown. Now, the government is working on a stimulus to be given to hard-hit sectors of the economy after the lockdown is lifted, sources said, adding that an announcement is expected in the next few days depending on the severity of the pandemic.
This is the second straight increase in jet fuel rates in as many months.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
The government on Tuesday said it has agreed in-principle to deregulate diesel prices, but is not considering similar proposal for the cooking gas.
The government is looking into demands for raising the cap on supply of subsidised cooking gas (LPG) cylinders per households, Oil Minister M Veerappa Moily said.
The country is facing no shortage of domestic cooking gas at the moment, Petroleum Minister Murli Deora told the Rajya Sabha on Tuesday. As on October 1, 2007, OMCs were serving 9.79 crore LPG customers through their 9,355 distributorships. OMCs have released 27.7 lakh new LPG domestic connections in the country during April-September.
The scheme was to be rolled out in 20 districts initially but the launch in Mysore in Karnataka and Mandi in Himachal Pradesh has been put off by a month due to assembly and Parliamentary bypolls, official sources said.
The government should end subsidised domestic cooking gas (LPG) for people with income of more than Rs 6 lakh per annum, a Parliamentary Panel has suggested.
West Bengal Chief Minister Mamata Banerjee on Thursday asked all political parties, including those supporting the United Progressive Alliance government from outside, to build pressure for roll back of hike in price of non-subsidised cooking gas.
The towers -- both taller than Delhi's iconic Qutub Minar -- will be brought down in less than 15 seconds by waterfall implosion technique. They will be the tallest structures yet in India to be demolished, officials said.
Nilekani proposes centralised PDS network, model PDS software for transparency.
The contrast between the two meetings couldn't have been more stark, yet, both were organically linked, the latter a show of support for the former.
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.
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.
According to reports, the price of petrol is expected to go up by Rs 5 and diesel by Rs 6.
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.
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