Notwithstanding the robust turnaround in the financial performance for the June quarter (Q1FY24), stocks of state-run oil marketing companies have been in a downtrend in the last month. The fall comes on a rise in crude oil prices that have surged to a 7-month high of $88 a barrel. A busy political calendar in the months ahead that may see the government keep a lid on auto fuel prices is also a dampener, analysts said. Shares of Hindustan Petroleum (HPCL), Bharat Petroleum (BPCL) and Indian Oil (IOC) have shed 9-11 per cent since their respective earnings announcement between July 26 to August 4.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
IOC and other oil firms have been paying LPG consumers in 54 districts up to Rs 500 to help them buy a 14.2-kg cooking gas refill at market price, which is more than double of Rs 410 per bottle rate in Delhi.
The BJP may win more seats in the February 5 assembly election, but not enough to trump AAP, notes Ramesh Menon.
Finance Minister Nirmala Sitharaman cut fuel subsidies while slapping additional fuel taxes on unblended transport fuels in the latest Union Budget. The former will hit the rural poor, households that secured a subsidised LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY), a programme that was partly instrumental in helping the Bharatiya Janata Party (BJP) win the 2019 general elections. The latter will pretty much hurt the entire population after it kicks in from October. That's what it looks like. Or, perhaps, it's not as it appears to be, at least on the subsidy front.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
LPG price was increased to Rs 858.50 per 14.2 kg cylinder from Rs 714 previously, according to a price notification from State-owned oil firms. This is the steepest hike in rates since January 2014, when prices had gone up by Rs 220 per cylinder to Rs 1,241.
In moving scenes at the spot, women were seen wailing, possibly over the loss of a dear one, while a child recalled the tense moments before fleeing to safety.
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.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
The government has asked the rich to give up subsidies on LPG to make them available to people who deserve it.
Restoration of Article 370 and Jammu and Kashmir's statehood as well as implementation of the autonomy resolution passed by the erstwhile assembly in 2000 are among the National Conference's 12 guarantees announced in its manifesto for the upcoming polls.
A man, one of the six accused in the explosion case in Coimbatore, confessed during interrogation that he met two men in a Kerala prison who had links with an ISIS group involved in the Easter bombings in Sri Lanka, police sources said on Friday.
A bench headed by Chief Justice P Sathasivam said that the plea of the Centre would be taken up for hearing on October 8.
Officials said the oil marketing companies had provided data to the Income Tax department.
CNG price in the national capital on Friday was hiked by 80 paise per kg, while piped cooking gas rates were increased by a steep Rs 5 per cubic metre on the back of the government raising input natural gas prices to record levels. CNG price in the National Capital Territory (NCT) of Delhi has been increased to Rs 60.81 per kg from Rs 60.01, according to information posted on the website of Indraprastha Gas Ltd (IGL) -- the firm which retails CNG and piped cooking gas in the national capital. This is the sixth increase in CNG prices in the last month.
Targeting Modi over inflation, Priyanka called him a "mehengai" man.
Too much subsidised cooking gas is being consumed by country's VVIPs, according to the transparency portal launched on Friday by state-owned oil firms.
Government gives 3 months, starting June, for the 20 districts to be covered under its direct benefits transfer scheme.
R P Matta, a retired financial sector employee, who recently came back from Canada, was stabbed to death by his son Rahul around 2.15 pm, police said.
India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world's internationally traded crude oil.
State-run Indian Oil Corporation (IOCL) reported a weak performance in the fourth quarter of FY24 (January-March 2024), and the turmoil in the energy market indicates it could endure another lacklustre quarter. The oil marketing company (OMC) reported an Ebitda of Rs 10,400 crore, down 27 per cent year-on-year (Y-o-Y) due to weak reported gross refining margin (GRM) of $8.4 per barrel in Q4FY24, which was almost half the consensus expectation of $15 per barrel.
Describing the order as a "matter most urgent", the director asked the oil marketing companies to make adequate stocks of LPG which can last up to two months both at bottling plants as well as godowns.
A case was registered on Thursday night under sections 336, for an act endangering life or personal safety of others, and under 285, for negligent conduct with respect to fire or combustible matter under the Indian Penal Code.
Ahead of the crucial third round of discussions, the opposition INDIA bloc on Wednesday exuded confidence that it would provide a formidable alternative to bring political change in the country and asserted that it has several prime ministerial faces against BJP's only one.
ATF or jet fuel price has been cut marginally while rate of non-subsidised cooking gas LPG has been hiked by Rs 27.50 a cylinder.
Was there a possibility that we might have a part solution today to the power and energy shortages of tomorrow?
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.
'There are occasions when the prices of individual items like food raise inflation; then supply-side measures must be taken.' 'But if there is continued inflation, it means liquidity is aggravating the situation.'
Relief seen from easing global crude oil prices, phased diesel decontrol and capping of LPG cylinders.
LPG cash transfer to begin with Mysore, Hyderabad.
Only 48.3 per cent of the rural households used LPG, while the figures were much higher in urban areas at 86.6 per cent, according to a NSO report.
While jet fuel price was increased by Rs 2, subsidised LPG price has been hiked by Rs 4.50 per 14.2-kg cylinder. Non-subsidised LPG to cost Rs 93 more.
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.
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.
The protesters led by the state unit Bharatiya Janata Party chief C P Thakur burnt the effigy of the prime minister at the busy Dak Bungalow roundabout.
Trends in the global energy markets are crucial if India's growth outlook is to remain healthy. Prices for the Indian crude basket were averaging around $86.2 per barrel through Q1FY25 and then moderated to $84 in July and to $78-79 in August (so far). But global crude supply may outpace weak global demand in the short term.
With rupee falling to new lows, losses on diesel and cooking fuel have widened to their highest levels this year, upsetting the government's subsidy maths.
Briefing reporters about the decisions taken by the Union Cabinet headed by Prime Minister Narendra Modi, Information and Broadcasting Minister Prakash Javadekar said 81 crore poorest will be provided 5 kg free foodgrains per person for five more months and one kg pulses per month.
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.
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