International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
A Parliamentary Panel has "deplored" the government for capping the supply of subsidized LPG to 6 cylinders per households, saying that such restrictions should not be placed on people having income below a threshold.
IOC has asked consumers to book LPG refill through IVRS or SMSes so that refills reach genuine users.
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.
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.
The government is looking into demands for raising the cap on supply of subsidised cooking gas (LPG) cylinders per households, Oil Minister M Veerappa Moily said.
Norwegian LPG cylinder maker Ragasco is planning a JV in India to tap the Indian LPG market.
"(The) government has conveyed approval to public sector oil marketing companies to formulate a scheme for surrendering (of the) LPG connection by a customer who is being supplied piped natural gas," Petroleum Minister Murli Deora said. Alternately, the customer can also choose to keep the connection in safe custody. Thus, if he changes residence to an area not covered by PNG, he can avail a new LPG connection at the surrendered security deposit rate on a priority basis.
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.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
In a much relief to the common man, Oil Minister Veerppa Moily said that the cap on subsidised liquefied petroleum cylinders is to go up to 9 in a year.
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.
Ahead of the upcoming elections, political parties have started announcing incentives to benefit women, but what do women truly seek for genuine gender parity, asks Nivedita Mookerji.
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 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.
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.
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
Lieutenant Commanders Dilna K and Roopa A will remain at sea for 8 months. They will rely on wind power, do the repairs on the boat themselves and navigate some the world's most treacherous waters.
The three state-owned fuel retailers have been "directed to stop supplies of LPG refills to households having multiple- connections for which no KYC (Know Your Customer) details have been received, with effect from June 1," a statement issued by Indian Oil Corporation, the nation's largest oil firm, said.
Indian Oil Corp, the nation's largest fuel retailer, positioned adequate stocks of all petroleum products -- petrol, diesel, kerosene and LPG in the state.
Ruling Peoples Democratic Party spokesman Waheedur Rehman Parra criticised Abdullah for seeking LPG subsidy despite his "huge assets".
Drivers of commercial vehicles, including trucks and tankers, stopped work in several states on Monday and blocked roads at some places to protest against the provision in the new penal law regarding hit-and-run accident cases involving motorists.
Government has begun drawing contingency plans to avert any shortage of domestic cooking gas as a result of go-slow agitation by employees of the country's largest oil company Indian Oil Corp.
Finance Minister P Chidambaram had last week stated that there were demands from 'several chief ministers' for raising the quota of subsidised cylinders and the government 'will look into' them.
The union government is planning to release about 5.5 crore new LPG connections over the next five years, petroleum and natural gas minister Murli Deora said.
The government has directed state-run fuel retailers Indian Oil, Bharat Petroleum and Hindustan Petroleum to clear the wait list for domestic LPG connection within the next two months.
Indian Oil raised prices of commercial LPG, sold in 19 kg cylinders, to Rs 1,108.5 per cylinder on Nov 1, from Rs 1,095.24 per cylinder on Oct 1. Commercial LPG is not subsidised and oil companies revise their prices in line with international prices on the first of every month. "Commercial LPG prices are expected to go up in December too," said an IO official. But prices of automobile LPG have come down by around 5.34 per cent on Nov 1 compared with prices on Oct 1.
Limiting the supply of subsidised LPG cylinders is likely to save the government over Rs 12,000 crore in subsidy outgo annually.
Reliance from 0600 hours today began complying with an oil ministry order asking it to first supply gas produced from eastern offshore KG-D6 fields to priority users -- urea making fertiliser plants, electricity generation houses, LPG extraction units and city gas distribution firms.
Raise the price of diesel and restrict supply of subsidised LPG cylinder in a year to four per family, Prime Minister's Economic Advisory Panel suggested on Friday.
Taking suo moto cognisance of reports of the Centre's move -- ahead of Gujarat assembly polls -- to increase the cap on subsidised LPG cylinders, the Election Commission has directed it to stop the same forthwith. The Commission held an emergency meeting soon after the Minister of Petroleum and Natural Gas M Veerappa Moily said the government will raise the cap on the supply of subsidised cooking gas to nine cylinders per household a year from six at present.
Now, non-subsidised liquefied petroleum gas price is hiked by Rs 26.5 per 14.2-kg cylinder.
Petrol pumps in many cities witnessed long queues on Tuesday as people came to fill up their vehicle tanks fearing shortage of fuel amid the protest by truck drivers against a provision in the new penal law on hit-and-run accident cases involving motorists.
'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.'
The decision was taken at a full commission meeting held on Thursday under the chairmanship of Chief Election Commissioner V S Sampath, and communicated to the Union Cabinet, which met to take a call on the matter.
Truck drivers protesting against a provision in the new penal law on hit-and-run road accidents, called off their strike in Nashik district of Maharashtra on Tuesday after the local authorities assured to look into their demands.
The Oil Ministry will raise the cap on supply of subsidised cooking gas (LPG) to 9 cylinders per household in a year provided the Finance Ministry agrees to give an additional Rs 3,000 crore in 2012-13.
Margins for the oil refining and retailing sector have moved off their peaks, and the average integrated margins (refining plus marketing) for oil marketing companies (OMCs) have normalised. The ascent in crude oil prices, combined with static retail prices, has depressed marketing margins for diesel and petrol. However, the fall in marketing margins has been offset by increased gross refining margins (GRMs).
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