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.
Jet fuel prices on Thursday were hiked by the steepest ever 16 per cent to catapult rates to an all-time high in step with hardening international oil rates.
Samajwadi Party (SP) chief Akhilesh Yadav on Thursday said people of the country want change of power, but evaded a direct reply on whether his party would join an opposition alliance to take on the Bharatiya Janata Party (BJP).
It will be available from April 24.
Cooking gas price was on Saturday hiked by Rs 11.42 per cylinder following government decision to raise commission paid to the dealers.
Seven persons, including four children, were burnt alive as a fire swept through a colony of construction workers in Medchal mandal of Ranga Reddy district of Andhra Pradesh on Saturday afternoon, said the police. The fire, which broke out in a hut, spread and gutted nearly 100 shanties in Gundlapochampally village at around 1 pm, they said. The victims were from families of construction labourers and hailed from Mahabubnagar and Medak districts.
Eight persons, including four of a family, were on Saturday injured when a cooking gas cylinder exploded at their residence in suburban Vikhroli in Mumbai.
LPG cash transfer to begin with Mysore, Hyderabad.
The government has hiked diesel price by Rs 5 per litre, effective midnight tonight.
There are about 15.3 crore LPG consumers in the country.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting 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.
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.
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.
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.
Prime Minister Narendra Modi and Rajasthan Chief Minister Ashok Gehlot on Thursday exchanged jibes over the red diary that a sacked state minister claims records financial misdeeds of the CM and his colleagues.
Celebrate Thadri by rolling out this special Sindhi sweetbread.
With inflation, oil prices and interest rates rising, Indians are finding it extremely difficult to make ends meet.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
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.
Since 1993, when the BJP came to power after a stint of President's rule, the state has alternated between the Congress and the BJP.
State fuel retailers had lost Rs 161,029 crore (Rs 1,610.29 billion) in revenues on selling diesel, domestic LPG and kerosene at government controlled rates which are way below market price.
Petrol and diesel sales in India jumped in September as economic activity picked up with the nearing festival season and the ending of the monsoon raised the demand, preliminary industry data showed. Petrol sales soared 13.2 per cent to 2.65 million tonnes in September when compared to 2.34 million tonnes of consumption in the same month last year. Sales were 20.7 per cent higher than Covid-marred September 2020 and 23.3 per cent more than pre-pandemic September 2019.
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 government is willing to increase its contribution to the subsidy bill on retail sale of oil products
Exuding confidence that the economy will grow by 8.5 per cent in 2011-12, Finance Minister Pranab Mukherjee on Wednesday said the recent hike in prices of petroleum products will not have much impact on the fiscal deficit.
Finance Minister Pranab Mukherjee asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
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.
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.
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.
80% of beneficiaries in 300 districts to be linked with direct benefits transfer
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.
Chef-turned-author Rakhee Vaswani's simple tricks to cook healthy, restaurant-style food at home.
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.
The opposition party vowed to hit the streets against the "Modi-made inflation" and run a people's movement over price rise.
The Congress will conduct a caste census in Madhya Pradesh after winning the assembly polls and establish a university in the name of Sant Ravidas, said party president Mallikarjun Kharge, accusing the regime at the Centre of wishing to change the Constitution.
