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The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

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

New Delhi [India], March 1 (ANI): Oil marketing companies have announced a significant increase in the prices of commercial Liquified Petroleum Gas (LPG) gas cylinders, effective from March 1. Sources reveal that the rate of 19 kg commercial LPG gas cylinders has been raised by Rs 25.50, impacting consumers across various metro cities. The revision in prices comes amid ongoing fluctuations in fuel costs and market dynamics. According to the latest updates, the retail sales price of a 19 kg commercial LPG cylinder in Delhi will stand at Rs 1795 from March 1 onwards. This adjustment reflects the evolving landscape of fuel pricing and its implications for consumers. Comparing the revised prices with previous rates offers insights into the extent of the increase. In metro cities like <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword>, <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, and <keyword id="19895758" type="General" weightage="20" keywordseo="chennai" source="keywords">Chennai</keyword>, the prices of 19 kg <keyword id="20787104" type="General" weightage="20" keywordseo="indane" source="keywords">Indane</keyword> gas cylinders have also been revised upwards. Kolkata will witness a price hike to Rs 1911, while Mumbai and Chennai will see prices rise to Rs 1749 and Rs 1960.50, respectively. The escalation in prices follows a series of consecutive revisions in recent months. Previous prices of 19 kg Indane gas cylinders on January 1 and February 1, highlight the upward trajectory of fuel costs. On February 1, the prices of Indane gas cylinders varied across metro cities, with Delhi, Kolkata, Mumbai, and Chennai each having distinct rates. In Delhi, the price stood at Rs 1769.50, while Kolkata recorded Rs 1887, <keyword id="20787105" type="General" weightage="20" keywordseo="mumbai-rs" source="keywords">Mumbai Rs</keyword> 1723.50, and Chennai Rs 1937. These prices served as the baseline for consumers at the beginning of the month. However, with the advent of March 1, consumers witnessed a notable increase in the prices of Indane LPG gas cylinders across all metro cities. In Delhi, the price surged by 1.44 per cent (Rs 25.5), reaching a new rate of Rs 1795. Similarly, Kolkata experienced an increase of 1.27 per cent (Rs 24), resulting in a revised price of Rs 1911. Mumbai saw a rise of 1.48 per cent (Rs 25.5), bringing the price up to Rs 1749, while Chennai witnessed an increase of 1.21 per cent (Rs 23.5), setting the new rate at Rs 1960.50. The impact of these price hikes is felt across various segments of society, highlighting the broader economic ramifications of fluctuations in fuel prices. The increases underscore the challenges faced by consumers amidst fluctuating fuel prices and economic uncertainties. While the precise reasons behind the price hike remain undisclosed, various factors such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics likely contribute to such adjustments. The consecutive revisions emphasize the volatile nature of the energy market and its implications for households and businesses reliant on commercial LPG cylinders. (ANI)

Fuel price surge: Oil companies spike commercial LPG rates, impacting metro consumers

TDS on cryptos, IT disclosures, credit card rules, PAN Aadhaar linking – all that’s changed in July

In another hit to the wallet of the common man, <keyword id="6402706" type="General" weightage="20" keywordseo="oil-marketing-companies" source="Orion">oil marketing companies</keyword> have raised the prices of <keyword id="1388207" type="General" weightage="20" keywordseo="non-subsidised" source="Orion">non-subsidised</keyword> <keyword id="6360114" type="General" weightage="20" keywordseo="lpg" source="Orion">LPG</keyword> cylinders by ₹25. In Delhi, the 14.2-kilogram <keyword id="11999766" type="General" weightage="20" keywordseo="non-subsidised-cylinder" source="Orion">non-subsidised cylinder</keyword> will now cost ₹884.50. Price in Kolkata is the highest among the four metro cities at ₹911 per <keyword id="49728" type="General" weightage="20" keywordseo="cylinder" source="Orion">cylinder</keyword>, while that in Chennai and Mumbai stood at ₹900.5 and ₹884.50 per cylinder. This is the second hike in 15 days. The previous hike was of ₹25 on August 18. Further, the price of a 19 kg commercial cylinder has also been increased by ₹75, taking the price in Delhi to ₹1,693 per cylinder. The incessant rise in cooking gas prices has drawn criticism for the government from several quarters. After the previous hike in LPG prices, the Congress slammed the government saying since November last year it has hiked the price of the cooking gas by ₹265 per cylinder and it has not given any subsidy on the cooking gas since May 2020. SEE ALSO:

You Searched For "LPG cylinder price" and got 5 results

India slashes windfall tax on crude petroleum

ANI

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

PTI

Fuel price surge: Oil companies spike commercial LPG rates, impacting metro consumers

ANI

TDS on cryptos, IT disclosures, credit card rules, PAN Aadhaar linking – all that’s changed in July

Bhakti

Debolina

Prices of non-subsidised LPG cylinders surges by another ₹25

IANS

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