The government on Friday said it would not increase the cooking gas and kerosene prices despite escalation in the prices globally.
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.
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.
At least 15 people were killed and 20 others injured when gelatin sticks stocked in a house blew up due to a fire triggered by a cylinder blast in a village in Andhra Pradesh's Guntur district on Monday.
The government on Wednesday rolled back its decision to hike LPG price by Rs 5 every month.
RPL, a unit of Reliance Industries, had sought nod to export the entire liquefied petroleum gas production in the six months to fully commissioning its 580,000-barrels per day refinery in the Jamnagar special economic zone. RPL, in which US energy major Chevron Corp has 5 per cent stake, is likely to start producing fuel from the unit being set up adjacent to parent firm's existing 660,000 bpd refinery at Jamnagar in the next few weeks.
The five-time prime minister was re-appointed to the job on May 12 following the political circus precipitated by the unprecedented economic crisis in the island's history.
Internet retail footwear portal, bigshoebazaar.com has started a new SMS shopping service under which customers can now order footwear just by sending a text message.
It is high time that petrol and diesel prices were decontrolled taking advantage of low inflation and global crude prices, the Economic Survey said, while criticising the government for its "imperfect" handling of oil price hike.
Modi said the country needs to increase domestic output of energy.
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 common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
Given the financial support and the makeover that Delhi is getting for the Commonwealth Games, Delhiites should not crib about some hike in tax, says T N Ninan.
India's crude oil import bill is set to exceed $100 billion in the current fiscal year ending March 31, almost double its spending last year, as international oil prices trade at seven-year highs. India spent $94.3 billion in the first 10 months (April-January) of the ongoing financial year that started April 1, 2021, according to data from the oil ministry's Petroleum Planning & Analysis Cell (PPAC). It spent $11.6 billion in January alone when oil prices had started to surge.
Finance Minister Nirmala Sitharama on Thursday stated the government is planning to provide a relief package of Rs 1.7 lakh crore to the underprivileged, poor and migrant workers affected by the lockdown amid the coronavirus outbreak. The scheme has been named the Pradhan Mantri Garib Kalyan Scheme.
A pregnant Sri Lankan woman, who had been in a queue for two days to obtain a passport to leave the crisis-hit country for employment overseas, went into labour while waiting for her turn on Thursday and delivered a baby girl.
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 state-owned oil retailing firms are seeking a Rs 40 per cylinder raise in the domestic cooking gas prices and a Rs 2 per litre hike in kerosene prices to offset the drastic cut in the subsidy provided by the government.
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.
Govt targets 1 cr consumers to give up LPG subsidy.
In the first reduction in rate in two months, jet fuel or ATF price on Thursday was cut by 3 per cent in line with softening international crude oil prices. Aviation turbine fuel (ATF) price was reduced by Rs 1,887 per kilolitre, or 3 per cent, to Rs 58,374.16 per kl in the national capital, according to a price notification of state-owned fuel retailers. This is the first reduction in rates after four rounds of increase since February. Rates were increased by Rs 3,246.75 per kl on February 1, followed by a 3.6 per cent hike on February 16, and a steep 6.5 per cent raise on March 1. On March 16, prices were again raised by Rs 860.25 per kl. On Thursday, a Rs 10 per cylinder reduction in price of domestic cooking gas LPG also came into effect.
The only fuel that showed growth was LPG as the government dole of free cooking gas cylinders to poor households fired up consumption by 21 per cent during April 1 to 15.
State-owned gas utility GAIL India Ltd on Thursday reported a 70 per cent jump in its net profit at Rs 774 crore (Rs 7.74 billion) in second quarter ended September 30, 2005.
Petroleum Minister Murli Deora today launched the 'Preferred Time LPG Delivery' scheme.
The government may give poor people LPG stoves free of cost as part of its blueprint to expand domestic cooking gas coverage to at least three-fourth of the population.
The party also promised to end the mafia raj by creating corporations for the sale of liquor and sand mining.
In first year of the UPA-2, non-performance is visible in all areas of governance, writes Virendra Kapoor.
It proposed that smart cards be issued to BPL families for supply of subsidised kerosene in urban and semi-urban areas to cut diversion of the fuel to unintended users. The panel also suggested a cash transfer system, whereby funds can be transferred to BPL families through a banking or postal system for purchasing of kerosene, instead of supplying the fuel much below the market price.
The under-realisation on fuel sales reported by the country's oil companies is overstated by as much as 15 per cent, according to experts, though this does not mean that the oil companies are making profits on selling subsidised petrol, diesel, cooking gas and kerosene.
Criticising lack of "appropriate" pricing of petroleum products, the pre-Budget Economic Survey on Monday warned that the current practice of not passing on cost of production to consumers will have serious consequences and said non-resolution of sub
The retail losses that the country's oil marketing companies incur on sale of petrol, diesel, cooking gas and kerosene at subsidised prices have risen by 7.3 per cent to around Rs 440 crore (Rs 4.4 billion) per day in the fortnight ended March 31.IOC lost Rs 17 for every litre of petrol it sold, up from Rs 14.65 a litre on March 15. It lost Rs 316 per 14.2-kg cylinder, compared with Rs 303.65 per cylinder in the previous fortnight.
The likely solution that appears before the AAP government is to seek for a higher quota of domestic natural gas for Delhi, which would bring down auto and cooking gas prices.
Pre-Budget excercise next month should scrupulously avoid adventurism of all types and refrain from making excessively ambitious projections on revenue and expenditure numbers for 2023-24, suggests A K Bhattacharya.
Fuel sales rose to 12.364 million tonnes in May from 11.717 million tonnes a year ago, according to provisional data from the oil ministry in New Delhi.
State-run oil refiners are likely to report profits on daily sale of petrol, diesel, cooking gas and kerosene in the fortnight ending December 31, after average crude oil prices have been nearly 3 per cent lower and the rupee has appreciated 3.2 per cent compared with the first fortnight of this month.
Indian Oil Corporation, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are projected to lose around Rs 1,15,500 crore (Rs 1,155 billion) during the year as they sold petrol, diesel, kerosene and cooking gas at below production costs when crude oil prices rose steadily between April and July this year to reach a peak of $147 a barrel in early July.
The Sri Lankan government on Sunday lifted the ban it had imposed on social media platforms such as WhatsApp, Twitter, Facebook and Instagram after declaring a nationwide public emergency and effecting a 36-hour curfew ahead of a planned anti-government rally over the worst economic crisis in the island nation.
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.
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