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.
A swift recovery in oil demand in India is not only helping the stability of the global market, it is giving huge fiscal headroom to the government in terms of additional excise duty.
Petroleum Minister Mani Shankar Aiyar will present options, including raising prices of LPG and kerosene for the rich, to bridge the vast gap between the cost of fuel and their current retail price
The Direct Benefit Transfer for LPG scheme was rolled out in 291 districts from June 1, 2013 in six phases to do away with the practice of selling the fuel at below cost rates.
The calculation is based on annual usage of eight cylinders per household.
In a step towards dual pricing of domestic cooking gas, the government has decided to allow oil-marketing companies to sell the fuel at market prices in distinct fibreglass cylinders. IOC, BPCL and HPCL will sell these cylinders in Bangalore, Mumbai and Pune, which have been identified as test beds for the pilot project. The companies could revise fuel prices for transparent cylinders as LPG for them will not be subsidised. Feasibility of this project is yet to be adjudged.
In the Upper House of Parliament, Chairman M Venkaiah Naidu did not allow adjournment notices moved by opposition members on the issue of price rise, prompting members of the Congress, the Trinamool Congress, the Left parties, the Dravida Munnetra Kazhagam, the Aam Aadmi Party, the Nationalist Congress Party, the Rashtriya Janata Dal and the Shiv Sena to create an uproar.
The LPG variant will be priced Rs 21,500 more than the existing petrol model. The ex-showroom Delhi price for Santro eco (GL) is Rs 354,294 and Santro eco (GLS) is Rs 373,357.
The Bharatiya Janata Party on Saturday released its manifesto for the November 17 Madhya Pradesh elections promising MSP for wheat at Rs 2,700 per quintal and paddy at Rs 3,100 and houses for beneficiaries of the state's flagship scheme 'Ladli Bahna'.
The Rajya Sabha was adjourned twice while the opposition parties staged a walkout in Lok Sabha on Tuesday, voicing their protest against the increase in the prices of petrol, diesel and cooking gas LPG.
Hazra, the director of Hindustan Aegis LPG Bottling, said that the government's stance was discouraging the multinationals from making further investments.
Days after the Centre hiked the prices of LPG by Rs 50 per cylinder, Tamil Nadu government on Tuesday cancelled a four per cent value added tax on LPG, bringing down the price of a cylinder by about Rs 15 in the state.
When household bills for Liquefied Petroleum Gas (LPG) jump over 60 per cent for those using 12 refills a year, the increase in the price of cooking fuel will beat that of petrol.
A clarification on delinking Aadhaar account from disbursal of subsidised LPG cylinders would be issued within a week, Petroleum and Natural Gas Minister Veerappa Moily said during Question Hour.
The FinMin will pay Rs 5,324 crore (Rs 53.24 billion) for Jan-March.
The increase in commission - which is normally passed on to consumers - is expected within a couple of weeks.
With Congress party vice president Rahul Gandhi making a strong pitch for raising LPG cap, Oil Minister M Veerappa Moily on Friday said the quota of subsidised cooking cylinders will be hiked to 12 from 9 per household.
The Cabinet Committee on Economic Affairs may raise the subsidised LPG cylinder quota from 9 to 12 at the next meeting, Petroleum Minister M Veerappa Moily said.
'Gruha Lakshmi Yojana' is an attempt of the Congress party to share the 'burden of the exorbitant' LPG prices and the 'costly daily expenses' that a woman has to bear, the party said.
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
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.
The government on Wednesday hiked the prices of petrol, diesel and LPG by Rs 5, Rs 3 and Rs 50 respectively.
Reliance Industries, the country's largest LPG producer, will be spared from footing the Rs 7,200 crore (Rs 72 billion) bill for the one year freeze in LPG and kerosene prices, despite rising cost.
Both Houses met for the first time in the second part of Budget Session and saw repeated adjournments as the Opposition continued protests.
There will be no change in LPG and kerosene rates, Oil Minister M Veerappa Moily told reporters in New Delhi after the meeting on Cabinet Committee on Political Affairs. "I am happy to inform the Cabinet Committee on Political Affairs has decided to raise the cap on subsidised LPG to nine cylinders per household in a year from existing six cylinders," he said.
Modi had last month launched the 'Give-it-Up' campaign.
Currently, oil companies sell kerosene at a loss of about Rs 18 per litre.
Rs 7,024 cr transferred under LPG cash subsidy scheme.
Price of diesel, LPG and kerosene will have to go up.
Taxability of LPG subsidy and other direct benefits paid directly into bank accounts of beneficiaries is unclear.
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.
Petroleum ministry expects that this would encourage the rich and affluent also to voluntarily give up the subsidised LPG.
New schemes allows consumers without Aadhaar to receive cash directly in their bank accounts
After the increase, cost of a subsidised 14.2-kg cylinder will be Rs 417 a cylinder from Rs 414 in Delhi.
In a bold suggestion, Minister of State for Petroleum R P N Singh today said affluent people should voluntarily stop buying subsidised LPG and said he will be the first person to pay market price for the fuel, which is Rs 287 per cylinder more than the current rate.
The Kelkar Committee has recommended sharp reduction in subsidies on petroleum, food and fertiliser, which the government said was contrary to its policy of protecting the poor.
Govt targets 1 cr consumers to give up LPG subsidy.
The government is likely to extend by two more years subsidies on LPG and kerosene while asking the state-run oil firms to bear part of the Rs 14,000 crore under-recoveries due to unchanged prices despite a rise in the cost of raw material.
The government on Tuesday increased the distributors' commission on domestic cooking gas (LPG) by 38 paise on a 14.2 kg cylinder and by 20 paise on a 5 kg cylinder, resulting in an equivalent increase in the prices of the fuel.
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.
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