The government had last year excluded those with an annual income of more than Rs 10 lakh from LPG subsidy
GAIL India's second quarter (Q2FY25) performance met expectations.
Air fares to go up as ATF price is hiked by 8.2%.
There are about 15.3 crore LPG consumers in the country.
State fuel retailers IOC, Bharat Petroleum and Hindustan Petroleum sell diesel, domestic LPG and kerosene at government dictated rates which are lower than cost of production.
In five monthly reduction, non-domestic LPG rates have been slashed by Rs 170.5 per cylinder, bringing the price at three-year lows.
Pahal looks to cut down diversion and eliminate duplicate.
Under pressure from his party, Oil Minister M Veerappa Moily said the government is considering increasing the quota of subsidised LPG cylinders to 12 per household even as hints were dropped of a one-time hike in diesel and LPG rates
Cooking gas LPG prices may be hiked next week after under-recovery on the fuel widened to over Rs 100 per cylinder, sources said insisting that the rate hike, including the quantum of increase, is dependent on government permission. If allowed, this will be the fifth increase in cooking gas rates across all categories - households using subsidised gas for cooking and heating purposes, non-subsidised fuel and industrial-sized gas. LPG rates were last hiked by Rs 15 per cylinder on October 6, taking the total increase in rates since July to Rs 90 per 14.2-kg cylinder.
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.
Cooking gas LPG price on Wednesday was hiked by Rs 50 per cylinder, the third increase in rates since May on firming international energy prices. Non-subsidised LPG now costs Rs 1,053 per 14.2-kg cylinder in the national capital, up from Rs 1,003 previously, according to a price notification of state-owned fuel retailers. Common households pay non-subsidised rates for the cooking gas they buy, after the government restricted subsidy to just poor beneficiaries who got connections under the Ujjwala scheme.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
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.
In Mumbai, jet fuel costs Rs 71,940.36 per kl as against Rs 73,306.89 per kl previously, IOC said.
Rinku Singh has become a household name after his sensational power hitting in IPL to help Kolkata Knight Riders clinch victory from the jaws of defeat against Lucknow Super Giants on Sunday.
The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
IOC and its sister PSUs, Hindustan Petroleum and Bharat Petroleum, sell diesel, domestic LPG and kerosene at rates way lower than their imported cost to help government keep general price inflation under check.
The empowered group of ministers headed by Finance Minister Pranab Mukherjee is being convened soon to discuss a combination of a price hike and a reduction in government duties.
A hike in diesel and domestic LPG prices has been deferred for now, but an increase in petrol prices later this week looks imminent.
The Reserve Bank on Wednesday retained the retail inflation projection at 4.5 per cent for fiscal 2024-25, with Governor Shaktikanta Das stressing that the central bank will have to closely monitor the price situation and keep the "inflation horse" under tight leash lest it may bolt again. Unveiling the October bi-monthly monetary policy, the Governor also said the flexible inflation targeting (FIT) framework has completed 8 years since its introduction in 2016 and is a major structural reform of the 21st century in India.
State-owned Indian Oil Corp (IOC) is losing Rs 151 crore per day in revenues on selling diesel, domestic LPG and kerosene below their imported cost, a company official said on Thursday.
State-owned fuel retailers IOC, BPCL and HPCL are likely to lose Rs 65,000 crore on selling diesel, domestic LPG and kerosene below cost during the current fiscal, Oil Minister Murli Deora said on Wednesday.
Petroleum ministry has suggested extending government subsidy on domestic LPG and kerosene for an indefinite period as the gap between domestic retail price and current international prices was too large to be bridged through a price hike.
Price of international crude oil - the raw material for making petrol and diesel - dropped to a three-year low before marginally recovering but a revision in domestic petrol and diesel rates is likely only if lower rates are sustained, industry sources and officials said. Global oil benchmark Brent crude futures fell below $70 per barrel on Tuesday - the first time since December 2021 - but gained thereafter after Hurricane Francine hit crude supply in the Gulf of Mexico. Brent rose above $71 a barrel on Thursday while West Texas Intermediate advanced to trade near $68.
The government is unlikely to take up the issue of reducing petrol, diesel and domestic LPG prices on Thursday as consultations on petroleum ministry's simultaneous proposal for freeing auto fuel pricing were not complete.
The Cabinet, scheduled to meet on Thursday, may reduce petrol price by Rs 5 a litre, diesel by Rs 3 per litre and domestic LPG by Rs 25 per cylinder, giving relief to the common man and further easing inflationary pressures.
Besides, it loses Rs 15.46 per litre on kerosene and Rs 158.78 per domestic LPG cylinder as the government has not allowed them to revise retail prices.
State-run Indian Oil, Hindustan Petroleum and Bharat Petroleum are projected to lose Rs 1,28,135 crore (Rs 1,281.35 billion) on fuel sales this fiscal. IOC, BPCL and HPCL lost Rs 92,853 crore (Rs 928.53 billion) on fuel sales (audited figures) in April-September and are projected to lose Rs 35,282 crore (Rs 352.82 billion) in the second half of 2008-09 fiscal.
The government on Tuesday ruled out any rollback of last month's increase in prices of petrol, diesel and LPG, and said a policy for pricing of major petroleum products was under review.
The ministry is preparing a draft note for consideration of the CCPA on pricing of diesel, kerosene and LPG, official sources said.
Cooking gas LPG price on Wednesday was hiked by Rs 15 per cylinder in line with a surge in international fuel prices. Rates of both subsidised and non-subsidised LPG prices were hiked, oil company officials said. Cooking gas now costs Rs 899.50 per cylinder in Delhi.
With the price of a cylinder touching Rs 800, it's becoming increasingly unaffordable to an already price-sensitive population, threatening to risk one of the most-celebrated campaigns of the Modi regime, reports Twesh Mishra.
Gail India subsidiary Mahanagar Gas (MGL) on Friday announced a steep reduction in the retail price of compressed natural gas (CNG) by Rs 8/kg and domestic PNG (piped natural gas) by Rs 5/SCM across its licenced area. The move comes on the heels of the Centre revising the pricing methodology of domestically-produced natural gas on Thursday as proposed by the Kirit Parikh committee and following it with the new price announcement earlier in the day. In February, the city gas distributor reduced its CNG price by Rs 2.5/kg but prices are still around 80 per cent more than those in April last.
Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said. Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel has gone up from Rs 86.67 per litre to Rs 87.47. Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
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.
Government gives 3 months, starting June, for the 20 districts to be covered under its direct benefits transfer scheme.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
Since international oil prices have fallen, the government's subsidy payout will fall by almost Rs 50 per cylinder to Rs 240.
Despite the steep hike of Rs 20 per LPG cylinder announced last week, domestic cooking gas in India is still the cheapest in the subcontinent.
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