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After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul><li>The <keyword id="3351117" type="PERSON" weightage="20" keywordseo="Ujjwala-scheme">Ujjwala scheme</keyword> which provides free cooking gas connections to poor Indian homes has been a big vote gatherer for Narendra Modi.</li><li>The Indian Prime Minister wants to expand the programme to cover 8 million more households in the first 100 days of his second term.</li><li>So far, 72 million households in India have received free cooking gas connections from the government under the subsidy programme launched 3 years ago.</li></ul>The Ujjwala scheme, which provides free cooking gas connections to poor Indian homes, has been a big vote gatherer for Narendra Modi. The Indian Prime Minister wants to expand the programme to cover 8 million more households in the first 100 days of his second term. The scheme, which targets female members of below poverty line families that used conventional coal as cooking fuel, was launched on May 1, 2016 and has covered 72 million homes. The original target was 80 million, which the government wants to cover in the first 100 days. In addition, another 10-20 million new LPG connections would be given in subsequent months to cover all poor households as part of a Cabinet decision taken late last year, the IANS reported. There are about 5-6% of India's household which still do not have access to liquefied petroleum gas (LPG) for cooking, according to government data. The flip side While this move from the government has been lauded by many as a transformational step, it has also been criticised as just half a step. Poor people may have received a free connection and escaped the deadly pollution from the coal used for cooking earlier, the subsequent refills of LPG cylinders have proven too costly. And that may be the focus in the next phase of this programme-- ensuring that people do get a refill and do not go back to coal. The government is also toying with the idea of providing smaller LPG gas cylinders weighing about five kilogrmas (kg) compared to the current one which is 14.2 kg, according to a news agency. This may bring down the cost of refill as well as the burden on the exchequer if the government decides to cover the cost and transfer the money under the direct benefit transfer scheme. Currently, every LPG cylinder costs anywhere between ₹600 and ₹650 in the metro cities of Delhi, Mumbai, Chennai, and Kolkata. After the subsidy under Ujjwala scheme, the cost comes down to a little less than ₹500 per cylinder. The subsidy is transfered directly to the eligible beneficiaries' bank accounts. The money Under the Pradhan Mantri Ujjwala Yojana (PMUY), gas connections are provided to BPL families with a support of ₹1,600 for each connection. The LPG connection is provided in the name of the female member of the family. A sum of ₹8,000 crore was allocated for the scheme to start with but was later expanded to ₹4,800 crore as the target homes increased from 50 million to 80 million. In December, the Union Cabinet also decided to cover all poor households under the scheme that would further increase the number of new connections by 10-20 million. SEE ALSO: <a href="https://www.businessinsider.in/transportation/indian-railways-will-spend-nearly-a-billion-dollars-to-cut-travel-time-between-delhi-mumbai-and-delhi-howrah-by-5-hours/articleshow/70254817.cms" data-type="tilCustomLink" target="_blank">Indian Railways will spend nearly a billion dollars to cut travel time between Delhi-Mumbai and Delhi-Howrah by 5 hours</a>

Narendra Modi aims to offer 8 million more cooking gas connections in the first 100 days of his second term-- and follow it up with smaller cylinders to encourage refills

<ul><li>Consumer price inflation or retail inflation could cool down by 50-60 basis points, predicts <keyword id="6431877" type="General" weightage="80" keywordseo="care-ratings" source="Orion">CARE ratings</keyword>. </li><li>Monetary tightening across the globe could lead to more foreign investor outflows and impact Indian exports due to global growth. </li><li>Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. </li></ul> The many <a href="https://www.businessinsider.in/india/news/five-things-the-indian-government-has-done-to-reduce-the-burden-of-inflation/slidelist/91788832.cms">interventions that the Indian government</a> has undertaken in the last two weeks could soften the consumer price inflation or retail inflation by 50-60 basis points, predicts CARE Ratings. But taking the pressure off Indian households will come at a cost to the government. Its subsidy bills – due to the additional fertilizer subsidy and <keyword id="6360114" type="General" weightage="50" keywordseo="lpg" source="Orion">LPG</keyword> cylinder subsidy, coupled with lower revenue earnings due to duty cuts on petrol and diesel – will stress its finances, the agency said. 100 basis points make up 1%. Apart from direct actions like duty cuts and subsidy, the government also <a href="https://www.businessinsider.in/international/news/not-just-india-many-countries-are-protecting-their-wheat-to-keep-daily-bread-affordable/articleshow/91733019.cms">banned wheat exports</a>, <a href="https://www.businessinsider.in/stock-market/news/shree-renuka-balrampur-chini-dalmia-sugar-shares-plunge-on-export-curb-reports/articleshow/91766919.cms">curbed sugar exports</a>, waived import duty on raw materials for <a href="https://www.businessinsider.in/stock-market/news/heres-why-all-steel-stocks-like-tata-steel-sail-jindal-jsw-down-today/articleshow/91735433.cms">steel</a> — all to ensure that inflation cools down from its eight year high in April. “The budgeted target of fiscal deficit to GDP is likely to be met given the support from higher tax revenue collection and nominal GDP growth,” CARE said. As per <a href="https://www.businessinsider.in/policy/economy/news/heatwave-and-high-commodity-prices-drag-down-march-quarter-and-fy22-gdp-estimates/articleshow/91811628.cms">SBI Ecowrap estimates</a>, another ratings agency, the GDP for the January to March quarter could grow sluggishly at 2.7%. This is half of what it was in the quarter ending December. Moody’s too revised its <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>’s annual GDP growth for 2022 to 8.8% from its former estimate of 9.1%. Heatwave and high commodity prices thanks to the Russia-Ukraine war played spoilsport to an economy that was slowly recovering from the after-effects of Covid-19. <cmsannotation type="cmsannotation" annotationid="More FII outflows in the offing" comment="subhead" text="More FII outflows in the offing">More <keyword id="46756" type="General" weightage="80" keywordseo="fii" source="Orion">FII</keyword> outflows in the offing</cmsannotation> Monetary tightening across the globe could lead to <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">more FII outflows</a> and impact Indian exports due to global growth. “Rupee [is] under pressure in response to widening current account deficit and FII outflows. Dollar strengthening and weakening of other emerging basket currencies add to the weakening pressure on the rupee. We expect USD/INR to move in the range of 77-80 in the first half of FY23,” CARE said. <cmsannotation type="cmsannotation" annotationid="Consumer sentiments are likely to be further hit by rising inflation" comment="subhead" text="Consumer sentiments are likely to be further hit by rising inflation">Consumer sentiments are likely to be further hit by rising inflation</cmsannotation> Apart from clothing, fuel and light segments, food was the major driver in April contributing 47% to the <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">overall inflation</a>. Cooking oil, wheat and vegetable prices soared high in the month due to various factors ranging from war to heatwave. The <a href="https://www.businessinsider.in/india/news/tomatoes-brinjal-and-green-vegetable-prices-soar-and-will-keep-going-up-due-to-rains/articleshow/91802500.cms">vegetable prices have also started to harden</a> in anticipation of monsoons which have already started in states like Kerala and <keyword id="6354780" type="General" weightage="50" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The consumer demand for both durables and non-durables fell into the negative trajectory, due to rising prices. “Poor performance in IIP consumer goods signals weakness in consumption demand. Consumer sentiments are likely to be further hit by rising inflation. Uptick in rural inflation likely to dampen the fragile rural demand recovery,” CARE said. The rural inflation which has a higher basket of food prices in it, grew at 8.4% as compared to urban inflation which is at 7.1% for the month of April. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/wholesale-inflation-in-india-is-now-near-the-same-level-as-it-was-during-the-1991-economic-crisis/articleshow/90930779.cms">Wholesale inflation in India is now near the same level as it was during the 1991 economic crisis</a> <a href="https://www.businessinsider.in/business/corporates/news/hul-britannia-and-itc-can-now-breathe-easy-say-analysts-from-inflation-and-even-stagflation-worries/articleshow/91805152.cms">HUL, Britannia and ITC can now breathe easy say analysts – from inflation and even stagflation worries</a> <a href="https://www.businessinsider.in/business/corporates/news/the-big-boss-of-indias-largest-consumer-company-is-worried-about-stagflation-and-unprecedented-inflation/articleshow/91251341.cms">The big boss of India's largest consumer company is worried about stagflation and unprecedented inflation</a>

Retail inflation could soften by 50-60 basis points on government interventions: CARE

Directly submitting the benefit into users’ bank accounts has helped eliminate duplicate connections as well as diversions, making the Indian Government save over Rs 21,000 crore in cooking gas <keyword id="6360114" type="ORGANIZATION" weightage="100" keywordseo="LPG">LPG</keyword> subisdy in the last two financial years. 
 
It was from November 2014 that the government has started to submit subsidy amount directly into bank accounts of cooking gas consumers in select districts of India, while from January 1st 2015, the practice was started in the rest of the country. 
 
As on April 1, 2015, there were 18.19 crore registered LPG consumers, while there were 14.85 crore active consumers, which means that 3.34 crore consumers were duplicate, fake or inactive accounts. 
 "Eliminating such 3.34 crore consumers helped save Rs 14,672 crore in 2014-15 fiscal (year ending March 31, 2015)," Oil Minister <keyword id="197418" type="PERSON" weightage="100" keywordseo="Dharmendra-Pradhan">Dharmendra Pradhan</keyword> said at a seminar on subsidies in New Delhi. 
 The year 2015-16 saw savings worth about Rs 7,000 crore, which was lower than the previous fiscal due to a fall in <keyword id="168256" type="UNKNOWN" weightage="100" keywordseo="Global-oil-prices">global oil prices</keyword> that affected the subsidy. 
 
<a href="http://d1pcxoetpnw26i.cloudfront.net/thequint/2015-04/17946c5c-5ea8-4a68-8f3d-f80e1ed33045/cylinder%20crop%20(Reuters).jpg">Image source</a>

Submitting LPG subsidy in bank accounts saved government a whopping Rs 21,000 crore

Union <a href="http://www.businessinsider.in/searchresult.cms?query=dharmendra+pradhan">Oil Minister Dharmendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=dharmendra+pradhan">Pradha</a>n announced the government has capped subsidy payout domestic cooking gas, or <a href="http://www.businessinsider.in/searchresult.cms?query=LPG">LPG</a>, at Rs 18 per kg. 
 
The government had capped <a href="http://www.businessinsider.in/Finance-Ministry-fixes-kerosene-subsidy-at-Rs-12-per-litre/articleshow/48331153.cms">kerosene subsidy at Rs 12 per litre</a>. 
 
Kerosene through <a href="http://www.businessinsider.in/searchresult.cms?query=PDS">Public Distribution System</a> (PDS) is sold at Rs 14.96 per litre against the actual cost of Rs 29.91 and this cost difference is termed as under-recovery or revenue loss. 
 
While the government will provide Rs 12 to meet most of this, the remaining Rs 2.95 will be borne by oil producers <a href="http://www.businessinsider.in/searchresult.cms?query=ONGC">ONGC</a> and Oil India Ltd, said Pradhan. 
 
Likewise, there is an under-recovery or loss of Rs 167.18 on sale of every 14.2-kg subsidised LPG cylinder, which is sold at the current price of Rs 417.82. 
 
“At present, the state-owned fuel retailers incur under-recoveries on sale of PDS kerosene and subsidised domestic LPG only as petrol and diesel have been deregulated (market-linked) with effect from June 2010 and October 2014 respectively,” said Pradhan. 
 
He added for 2015-16, the government has approved budgetary support for PDS kerosene under-recovery at a rate of Rs 12 per litre and the remaining under-recovery will be borne by the upstream companies. 
 
Reportedly, for the first quarter of financial year 2016, the government will provide Rs 1,733 crore cash subsidy as per the new formula to Indian Oil Corp (IOC), Rs 404 crore to Bharat Petroleum Corp Ltd (BCPL) and Rs 451 crore to Hindustan Petroleum Corp Ltd (HPCL). 
 
Twelve LPG cylinders of 14.2-kg are supplied to every household at a subsidised rate of Rs 417.82 and LPG consumers get subsidy equivalent to the under-recovery directly in their bank accounts so that they can purchase a 14.2-kg bottle at market price of Rs 585. 
 
(Image: Indiatimes)

After kerosene, government caps LPG subsidy at Rs 18 per kg

For the last one year, Mr Modi has highlighted a stellar performance by his government. We have witnessed him showering praises on the BJP schemes during his foreign trips and campaigns in India. Now, as we inch closer to <a href="http://www.businessinsider.in/searchresult.cms?query=budget">the Union Budget for 2016-17</a>, it’s time to question whether the Prime Minister’s assured rhetoric matches his government’s record so far. 
 
Business Insider found a Finance Ministry list highlighting the promises which have been met relating to the last Budget, including those of subsidy and agriculture. Based on the claims, what follows is a report card on the 2015 Budget promises that <a href="http://www.businessinsider.in/searchresult.cms?query=Modi+government">Modi government</a> has been able to fulfill so far. Take a look: 
 
-- D<a href="http://www.unitedbankofindia.com/uploads/dbtl.pdf">irect benefit transfer for LPG called Pahal</a> 
 
The scheme was launched on November 15, 2014 in 54 districts and in the rest of the country on January 1, 2015. Under the scheme, LPG cylinders are sold at one price ie the market rate. Consumers get Rs 558 in their bank accounts so they can buy LPG at market rate of Rs 605 per 14.2-kg cylinder. Subsidised LPG currently costs Rs 417. 
 
As many as 10 crore LPG consumers joined the ambitious scheme of getting cash subsidy in bank accounts to buy market priced cooking fuel, making it the world's largest direct benefit transfer and helping end black marketing. In August, the Prime Minister announced that it helped save Rs 15,000 crore by stopping black marketing and diversions. He also announced that at least 20 lakh people voluntarily gave up their subsidy on LPG helping widen the reach of the scarce fuel. 
 
-- <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=133703">Digitisation of ration cards</a> 
 Digitisation of <keyword id="52453" type="UNKNOWN" weightage="20" keywordseo="Ration-Cards">ration cards</keyword> - one of the important components for making PDS leakproof - is on its way to completion. By April 1, 2016, the National Food Security Act (NFSA) will be implemented by all states with 100% digitisation of ration cards. It will be achieved soon along with online grievance redressal being introduced in all 36 states and Union territories. 
 
To cite figures, as of first week of December, digitisation of ration cards has been completed in 29 States/UTs. Over 32 crore ration cards have been digitized and over 8.5 crore ration cards have been seeded with Aadhaar. 
 
-- Farm credit 
 Budget 2015 focused on development of agriculture with emphasis on reforms, credit facility and financial assistance. The agriculture credit target for 2015-16 was raised by Rs 50,000 crore to Rs 8.5 lakh crore. It promised to create a unified national agricultural market to boost agricultural productivity and farmers' income. Banks may not have surpassed this target as <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> expected but monitoring of agriculture credit is being done on a quarterly basis. Moreover in view of the challenge two successive droughts and deficient post-monsoon rainfall posed to agriculture last year, the government is mulling increasing institutional credit to farmers from the present Rs 8.5 lakh crores in the upcoming Budget. 
 
-- <a href="http://www.businessinsider.in/searchresult.cms?query=MNREGA">MNREGA</a> 
 
The Mahatma Gandhi National Rural Employment Guarantee Scheme, the flagship welfare programme of the previous UPA government, appears to be staging a revival of sorts. The July-September quarter witnessed 45.82 crore person-days of employment generated under MGNREGA. This was the highest for the quarter in the last five years. “It was more than even the 42.40 crore person-days during July-September 2012, which also happened to be a not-so-good monsoon year. According to officials, the last quarter (October-December), too, posted a similar trend. 
 
“In October alone, we provided 14.09 crore person-days employment, a record for the month. The data for the entire quarter is still being uploaded in our MIS (management information system) portal, but our expectation of the total person-days of work during October-December is 47 crore. That will again be a five-year-high for the quarter,” they said. Recently, the Finance Ministry made it clear that Budget allocation of Rs 34,699 crore for improving quality and effectiveness of <keyword id="92538" type="ORGANIZATION" weightage="20" keywordseo="MNREGA">MNREGA</keyword> has been approved. 
 
-- 'Paramparagat Krishi Sinchayi Yojna' 
 
Pradhan Mantri Krishi Sinchai Yojana - a scheme aimed at giving a boost to productivity by ensuring irrigation facilities is also on its way to achieve the desired results. The Vision is to ensure access to some means of protective Irrigation to all agricultural farms. Government claimed that widespread work has been undertaken and lakhs of farmers are being educated about modern irrigation methods to give ‘Per Drop More Crop’. It is also motivating groups of farmers to take up organic farming. 
 
The Finance Ministry recently said Rs 300 crore was allocated in 2015-16 to this scheme against which Rs 178.23 crore has been released so far. In a matter of few months, they will be able to use the rest of the money to complete the demands of this scheme. 
 
(Image credits: TOI)

Modi Government's Report Card: Budget 2015 promises it has fulfilled so far

The Income Tax department has come up with several measures to keep an eye on tax defaulters and control their illicit activities. As per reports, these measures involve "blocking" the Permanent Account Numbers (PAN) of such entities, while also getting their LPG subsidies cancelled so that they do not stand eligible for further loans. 
 
These measures will be undertaken this financial year itself, so that the threat of tax avoidance can be tackled with. 
 
The PANs will be blocked in such a way "that these defaulters are not sanctioned any loans or overdraft facility by public sector banks, as the same is bound to become non-performing assets," says the strategy paper prepared by the taxmen. 
 
"Ministry of Finance can be suggested to withdraw facility like LPG subsidy which is directly credited to the bank accounts of the said defaulters," it added. 
 The department has also proposed to reveal the identities of these <keyword id="3434878" type="UNKNOWN" weightage="100" keywordseo="blocked-PANs">blocked PANs</keyword> to the Registrar of Properties, so that the defaulters are not allowed any registration of immovable properties. 
 
<a href="https://s.yimg.com/os/publish-images/finance/2015-09-02/ff446b60-516c-11e5-9ff8-7da1c9e0ffd8_14tax.jpg">Image source</a>

Not paying taxes? I-T department will block your PAN and LPG subsidies

New Delhi, Feb 12 () Cooking gas LPG price on Wednesday was hiked by a steep Rs 144.5 per cylinder due to spurt in benchmark global rates of the fuel.But to insulate domestic users, the government almost doubled the subsidy it provides on the fuel to keep per cylinder outgo almost unchanged. LPG price was increased to Rs 858.50 per 14.2 kg cylinder from Rs 714 previously, according to a price notification of 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. Domestic LPG users, who are entitled to buy 12 bottles of 14.2-kg each at subsidised rates in a year, will get more subsidy. The government subsidy payout to domestic users has been increased from Rs 153.86 per cylinder to Rs 291.48, industry officials said. For Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries, the subsidy has increased from Rs 174.86 to Rs 312.48 per cylinder. After accounting for the subsidy that is paid directly into the bank accounts of LPG users, a 14.2-kg cylinder would cost Rs 567.02 for domestic users and Rs 546.02 for PMUY users. The government gave out 8 crore free LPG connections to poor women under PMUY to increase coverage of environment-friendly fuel in kitchens. Normally, LPG rates are revised on 1st of every month but this time it took almost two weeks for the revision to take place - a phenomenon which industry officials said was due to approvals needed for such a big jump in subsidy outgo. Others said the decision to defer the increase could have been because of assembly elections in Delhi. Delhi voted on February 8. ANZ ANZ ANUANU

You Searched For "LPG Subsidy" and got 8 results

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

Narendra Modi aims to offer 8 million more cooking gas connections in the first 100 days of his second term-- and follow it up with smaller cylinders to encourage refills

Sriram Iyer

Retail inflation could soften by 50-60 basis points on government interventions: CARE

Katya Naidu

Submitting LPG subsidy in bank accounts saved government a whopping Rs 21,000 crore

BI India Bureau

After kerosene, government caps LPG subsidy at Rs 18 per kg

BI India Bureau

Modi Government's Report Card: Budget 2015 promises it has fulfilled so far

Anushree Singh

Not paying taxes? I-T department will block your PAN and LPG subsidies

BI India Bureau

LPG price hiked by Rs 144.5 per cylinder

PTI

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