An empowered group of ministers headed by Finance Minister Pranab Mukherjee, which decides on revising rates of the sensitive products, has not met since June last year even though crude oil prices have spiralled upward by about 50 per cent.
Jet fuel prices on Wednesday were hiked by over 18 per cent -- the steepest ever increase -- to all-time high levels after international oil price surged to a multi-year high.
The market responded positively to the Q1 results of oil marketing companies (OMCs), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) despite numbers being weaker than consensus. BPCL's reported gross refining margin (GRM) was in line at $7.9 per barrel (bbl) in Q1FY25, which implies marketing margin stood at Rs 4.8 per litre. Standalone profit after tax or PAT at Rs 3,000 crore was down versus consensus due to under-recoveries in LPG business.
Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel.
Petrol and diesel prices will go by Rs 2.50 and Rs 2 per litre respectively.
Congress president Mallikarjun Kharge has accused the BJP of rigging the Maharashtra assembly elections and called for a return to ballot paper voting. He also criticized the Modi government for selling off public assets, undermining democratic institutions, and promoting communal polarization. Kharge's remarks come as the Congress prepares for its AICC session in Ahmedabad, where it will present its political and economic views.
The Congress hit back at Nadda, saying his letter to Mallikarjun Kharge is a "4D exercise - denial, distortion, distraction, and defamation".
The scheme will cost the state exchequer altogether Rs 1,650 crore.
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.
Banerjee, addressing a rally in Siliguri following her protest march over LPG price hike, said the prime minister made many "empty" promises over the years, and people no longer trust him.
In most parts of the landlocked northeastern state, items such as rice, potato, onion and egg besides LPG cylinders and petrol are selling at rates much above the ones fixed by the government.
'I wonder if they will keep it up after the elections.' 'I fear they'll start questioning eligibility -- income, age, bank accounts -- and eventually stop the scheme altogether.'
Ujjwala Yojana was launched on May 1, 2016 at Ballia district in Uttar Pradesh and has so far covered 47.3 million consumers in 715 districts
Indian govt must find solution to ever increasing LPG subsidy. Govt must cap LPG subsidy.
The government has asked the rich to give up subsidies on LPG to make them available to people who deserve it.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
If the LPG consumer does not have an Aadhaar number, he can directly receive subsidy in his bank account without the use of Aadhaar number
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.
India's fuel sales fell in the first half of April as a record rise in prices in a short 16-day period dented demand, preliminary industry data showed on Saturday. Petrol sales fell almost 10 per cent in the first half of April when compared with the same period in the preceding month, while diesel demand slid 15.6 per cent. Even cooking gas LPG, which had consistently shown growth even during the pandemic period, saw a 1.7 per cent month-on-month fall in consumption during April 1-15.
A 14.2-kg subsidised LPG cylinder in Delhi will now cost Rs 507.42 as against Rs 505.34 previously, according to a price notification of State-owned fuel retailers.
Diesel in Mumbai costs Rs 79.72 per litre at IOC outlets and Rs 79.79 at BPCL outlets.
Since international oil prices have fallen, the government's subsidy payout will fall by almost Rs 50 per cylinder to Rs 240.
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.
Gehlot made the announcement in the presence of Congress president Mallikarjun Kharge and former party chief Rahul Gandhi at a rally here on the sidelines of the "Bharat Jodo Yatra".
Government gives 3 months, starting June, for the 20 districts to be covered under its direct benefits transfer scheme.
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.
Global oil prices have slumped and India has access to larger amounts of discounted Russian crude oil, yet refiners are not passing on their savings to consumers
The government on Thursday said it will "look into" a demand to raise the quota of subsidised LPG cylinders to 12 per household in a year from the current limit of nine, a day after the price of non-subsidised LPG was increased by a steep Rs 220.
Over 12,450 LPG users have so far voluntarily given up their subsidies, but this accounts for only 0.008 per cent of about 15 crore (150 million) domestic cooking gas consumers in the country.
The government had last year excluded those with an annual income of more than Rs 10 lakh from LPG subsidy
State-owned Indian Oil Corp (IOC) on Friday said international oil prices have been range-bound in the last few weeks, warranting no revision in retail petrol and diesel rates. While petrol price hasn't changed since September 22, diesel rates have been static from October 2.
In the first price revision after the government capped the number of subsidised cylinders for consumers, domestic liquefied petroleum gas (LPG) has become nearly 17 per cent dearer, thanks to firm international prices.
To cut subsidy bill and reduce fiscal deficit, the previous United Progressive Alliance government had restricted the number of subsidised domestic cylinders per household to six every year in September 2012, revising it to nine the following January
The government will provide five crore LPG connections on concessional rates in the name of women from below poverty line.
Many users did not know that their entitlement was not coming to their regular bank account but going to an account which they had not applied for.
Inclusive of the July hike of 25 paise, a monthly increase of similar amount would result in a saving of Rs 2.25 a litre for the current financial year alone.
The relaxation would be available only to those beneficiaries who have been credited with the advance for buying the cylinder but have not been able to purchase the refill.
Petroleum Minister Murli Deora on Saturday said the government is considering to prices of petroleum products in the next few days.
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