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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

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

<ul><li>India ports saw a decline in port volumes in July even as truck utilisation improved. </li><li><keyword id="895682" type="General" weightage="80" keywordseo="adani-ports" source="Orion">Adani Ports</keyword>, India’s largest commercial ports operator, also witnessed a decline in volume, but continued to account for half of India’s major port volumes. </li><li>On the domestic front, container volumes continued to grow, with truck freight growing sharply. </li><li><keyword id="6360114" type="General" weightage="80" keywordseo="lpg" source="Orion">LPG</keyword> demand remained positive overall despite a 30% increase in prices. </li></ul>Indian port volumes declined in July, led by a fall in exports of chemicals and engineering goods, according to an analysis of ports data by research firm <keyword id="6354527" type="General" weightage="100" keywordseo="nomura" source="Orion">Nomura</keyword>. However, the value of imports remained steady, even as India imported the same amount of coking coal at a 40% decline in value. According to Nomura, overall, major Indian ports witnessed a 4% decline in volume in July, on a sequential basis. <keyword id="76451" type="General" weightage="80" keywordseo="adani" source="Orion">Adani</keyword> Ports, the largest commercial ports operator in the country, also witnessed a 2% decline in this period, but its volumes continue to account for half of India’s major ports volume. While major ports volumes stood at 63.4 million tonnes, Adani Ports alone accounted for 31.2 million tonnes. “Adani Ports has consecutively maintained &gt;30 million tonnes run rate since May-22, and we expect it to range between 30 million tonnes and 35 million tonnes during 2HFY23F, owing to tailwinds in port activities. Thus, we estimate that Adani Ports volumes can exceed management guidance of 350-360 million tonnes for FY23F,” the report said. <cmsannotation type="cmsannotation" annotationid="Positives on the domestic logistics front – Railways gains" comment="subhead" text="Positives on the domestic logistics front – Railways gains">Positives on the domestic logistics front – Railways gains</cmsannotation> There’s positive news on the domestic logistics front, with container volumes for July surging 19.7% year-on-year, and 2.6% sequentially. While the overall import-export volumes declined 8% sequentially, the railways’ export-import container volumes remained flat, suggesting that the government-owned service gained market share during July. Railways’ movement of key commodities like iron, cement, and coal was a mixed bag. In the period when India’s total iron ore imports rose 14%, the railways only saw only a 5.5% sequential rise in the movement of this commodity. On a year-on-year basis, this fell by 25%. <div type="image" title="Rail movement of key commodities July 2022." msid="93749023" hostid="261" sizebytes="15002" caption="&amp;lt;p&amp;gt;Rail movement of key commodities in July 2022&amp;lt;/p&amp;gt;"></div> <div type="Article" hostid="261" msid="93726444" title="India on the cusp of the post-Covid capex boom, say analysts" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="Truck utilisation sees a sharp improvement" comment="subhead" text="Truck utilisation sees a sharp improvement">Truck utilisation sees a sharp improvement</cmsannotation> Truck utilisation – another key metric that measures how freight is moved within and between states – also witnessed a drastic improvement in July, with Nomura observing a sharp uptick in inter-state truck movement. Truck freight grew 51% year-on-year even as diesel prices rose a meagre 3% in this period, suggesting improved profitability. “Fuel cost, as a percentage of freight, was below the three-year average, aiding profitability for trucks,” the report said. <cmsannotation type="cmsannotation" annotationid="LPG consumption improves even as prices surge up to 30%" comment="subhead" text="LPG consumption improves even as prices surge up to 30%">LPG consumption improves even as prices surge up to 30%</cmsannotation> India’s overall LPG consumption witnessed an 8% year-on-year growth in July even as LPG prices surged up to 30% in this period. LPG companies managed to meet the demand despite a 6.7% decline in imports. A closer inspection reveals that the domestic LPG demand for July declined 1.7% from a year earlier, while commercial consumption surged 11%. One of the reasons behind this could be companies gradually requiring employees to return to offices. Overall, domestic gas prices in the period surged 26% from a year earlier, while commercial prices witnessed a 30% jump. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-sheds-94000-crore-in-value-after-a-report-says-its-deeply-over-leveraged/articleshow/93728528.cms">Adani group sheds ₹94,000 crore in value after a report says it’s ‘deeply over-leveraged’</a> <a href="https://www.businessinsider.in/business/corporates/news/india-on-the-cusp-of-the-post-covid-capex-boom-say-analysts/articleshow/93726444.cms">India on the cusp of the post-Covid capex boom, say analysts</a> <a href="https://www.businessinsider.in/business/telecom/news/the-economics-of-reliance-jios-5g-rollout/articleshow/93641787.cms">The economics behind Reliance Jio’s operations</a>

Indian ports witnessed a 4% decline in volume in July: Nomura

<ul><li>Oil marketing companies <keyword id="44555" type="General" weightage="20" keywordseo="bpcl" source="Orion">BPCL</keyword>, <keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>, <keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword> have raised <keyword id="659816" type="General" weightage="20" keywordseo="cooking-gas-prices" source="Orion">cooking gas prices</keyword> by ₹15 a cylinder.</li><li>This comes after the government hiked the prices of natural gas by 62%, the first time in two years.</li><li>Experts in the field believe the situation could get worse to an extent that <keyword id="505706" type="General" weightage="20" keywordseo="lpg-prices" source="Orion">LPG prices</keyword> could hike by ₹100.</li></ul>Oil marketing companies BPCL, HPCL, IOC have raised cooking gas prices by ₹15 a cylinder. The new price for each cylinder of liquefied petroleum gas (LPG) will be ₹899.50 for the 14.2 kilogram (kg) cylinder. The new rate for a 5 kg domestic cylinder stands at ₹502. In September, oil marketing companies had raised the prices of non-subsidized LPG cylinders by ₹25. This week cooking gas prices i.e piped natural gas (PNG) have risen by ₹2 to ₹32.67 per standard cubic meter of gas. This comes after the government hiked the prices of natural gas by 62%, the first time in two years. "Higher gas prices might slightly hurt the competitiveness of compressed natural gas (CNG) business as city gas distribution companies (Gujarat Gas, Indraprastha Gas) might have to hike CNG price by 10-12% to completely pass on the higher cost of domestic gas,” said analysts at JM Financial. It could get worse because some unnamed sources from the oil market companies like Indian Oil, BPCL and HPCL told <a href="https://www.business-standard.com/article/economy-policy/major-omcs-step-off-lpg-price-hike-pedal-absorb-rs-100-per-cylinder-121100600099_1.html">Business Standard </a>that the headroom for the hike is as much as ₹100 for a 14.2 kg cylinder. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/up-government-to-give-free-tablets-smartphones-to-students-pursuing-higher-education/articleshow/86801328.cms">UP government to give free tablets, smartphones to students pursuing higher education</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/supreme-court-extends-stay-on-criminal-proceedings-against-azim-premji-others/articleshow/86801060.cms">Supreme Court extends stay on criminal proceedings against Azim Premji, others</a>

Cooking gas prices have been hiked to ₹899.50 per cylinder and it could get worse

<ul><li>Petrol and diesel prices are all set to increase further this year.</li><li>Natural gas prices could also see a major increase, according to analysts at CLSA.</li><li>Petrol and diesel prices have already surged by 20% this year so far, while Brent crude has surged by over 50% in the same period.</li></ul>Petrol and diesel prices could increase once again after cooling down for a few weeks, as <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> rose for the fourth consecutive day to touch a 3-year high. Prices of Brent crude were trading at $77.65 per barrel, the highest since October 2018. For comparison, during the peak of the first wave of COVID-19 last year, Brent crude was <a href="https://www.businessinsider.in/business/news/crude-oil-prices-didnt-fall-below-zero-futures-did-and-heres-what-it-means/articleshow/75264639.cms">trading at $25 levels per barrel</a>. India mostly imports Brent crude, so the record surge in its prices is very likely to have a direct impact on petrol and diesel prices in India. "Crude prices appear to be on a one-way street that is headed higher, with risk appetite running wild," said Edward Moya, senior market analyst at OANDA, according to a Reuters <a href="https://www.reuters.com/business/energy/oil-looks-set-test-3-year-high-supplies-tighten-2021-09-24/">report</a>. Here’s how much <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword>, petrol and diesel prices have increased this year: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Price as on Jan 1, 2021 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Price as on Sept 23, 2021 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Crude oil </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$51.09 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">$77.38 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">51% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Petrol </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹83.71 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹101.19 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Diesel </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹73.87 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹88.62 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: PPAC, Investing.com, Crude oil prices per barrel, Petrol and Diesel prices per litre According to the analysts at CLSA, there are more price increases in store. The research firm notes that domestic gas prices are set to rise up to 70% in October 2021 to $3.3 per mmBtu, and doubling to $6.7 in April 2022. For context, natural gas prices were at $1.43 per mmBtu in June 2020. <cmsannotation type="cmsannotation" annotationid="How do I offset the inevitable increase in petrol, diesel and natural gas prices?" comment="subhead" text="How do I offset the inevitable increase in petrol, diesel and natural gas prices?">How do I offset the inevitable increase in petrol, diesel and natural gas prices?</cmsannotation> One way of offsetting the inevitable increase in petrol, diesel and natural gas prices ⁠— if you have investible surplus ⁠— is by investing in companies that benefit the most from these price hikes. According to CLSA, ONGC could be the biggest gainer, with the stock offering up to 40% upside. Others like Indraprastha Gas, Mahanagar Gas and Gujarat Gas offer an upside of 12-15%. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-hcl-tech-share-price-can-jump-after-accentures-blockbuster-earnings/articleshow/86471274.cms">TCS, Infosys and Wipro take a lot of heart from Accenture's blockbuster earnings</a> <a href="https://www.businessinsider.in/thelife/news/meet-girish-mathrubootham-founder-and-ceo-of-freshworks/articleshow/86453777.cms">Girish Mathrubootham, the son of a retired bank officer who built a $13 billion company in just 10 years</a> <a href="https://www.businessinsider.in/stock-market/news/airtel-rights-issue-details-record-date-issue-price-and-more/articleshow/86446419.cms">Airtel rights issue worth ₹21,000 crore opens next month – record date, price, ratio and everything else you need to know</a>

Brace for higher LPG, petrol and diesel prices as crude oil prices rise to a 3-year high

PM <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> is going full throttle to make the economy less cash and convert to cashless. To woo the people to use less cash during everyday business transactions that include buying daily needs, the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> is planning a lot of incentives. Modi is playing the <keyword id="19294" type="ENTERTAINMENT" weightage="20" keywordseo="santa">Santa</keyword> as starting this Christmas; a lucky winner will be gifted Rs 1000 everyday on the basis of digital transaction made by him/her after demonetization was announced. 
 While PM is bringing every service and product under the ambit of digital transaction, there is one sector that has been given a miss – it’s the domestic LPG. People buying gas cylinders from government run <keyword id="44880" type="CITY" weightage="20" keywordseo="PSUs">PSUs</keyword> like <keyword id="6368112" type="COMPANY" weightage="20" keywordseo="Indane">Indane</keyword> have to rely on cash to make sure the kitchen stays uninterrupted during this crisis. 
 “We have double connection. One gas got over in November. Since I had no cash last month, I waited till this month. Now another cylinder is almost nearing end, and the gas agency told me that I need to pay by cash," Noida resident homemaker <keyword id="1702779" type="UNKNOWN" weightage="20" keywordseo="Shilpa-Aggarwal">Shilpa Aggarwal</keyword>. 
 
People subscribed to these companies for gas connection are relying on cash. 
 
When contacted on Twitter, Indian Oil, the company that runs India’s largest domestic LPG service Indane confirmed that they are yet to come up with any digital transaction facility for its customers. While they assured that something would soon be done, they couldn’t come up with an estimated time period by when customers can pay by card or digital wallets officially.

Government is yet to make domestic LPG cashless, Indian Oil confirms
on Twitter

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

LPG price hiked by Rs 144.5 per cylinder

New Delhi, Feb 7 () The Department for Promotion of Industry and Internal Trade (DPIIT) has come out with quality control norms for LPG rubber hose with a view to contain import and production of sub-standard products in the country. The department said that all rubber hoses used for domestic, commercial and industrial applications will have to conform to Bureau of Indian Standard (BIS) norms. "This will ensure enhanced safety of domestic commercial and industrial users. Rubber hose for LPG will bear this standard mark of the BIS," it said. The department has also issued quality control norms for certain steel items and cables and pressure cooker. The move assumes significance as the government is working to formulate technical regulations, which include safety and quality standards with a view to cut imports of those non-essential items. RR ABMABM

DPIIT releases quality control norms for LPG rubber hose

New Delhi, Mar 29 () Oil Minister Dharmendra Pradhan on Sunday discussed global oil market developments and sourcing LPG with Saudi Energy Minister Prince Abdulaziz bin Salman to ensure uninterrupted fuel supplies in the world's third largest energy consumer.Indian refineries have cut run-rates in view of slump in fuel demand resulting from an unprecedented nationwide lockdown that has shut businesses, suspended flights, stopped trains and driven most vehicles off-road.But the reduced run-rates of refineries also means lower output of LPG. Cooking gas demand has, however, seen a surge and India is relying on imports to keep supply lines going. Saudi not just supplies crude oil to India but also is its biggest LPG source."Had a video conference with HRH Prince Abdulaziz, Saudi Minister of Energy and Mr Amin Nasser, President &amp; CEO @Saudi_Aramco. We discussed about the global oil market developments and on uninterrupted LPG supplies from Saudi Arabia to India," Pradhan tweeted.Last week, Indian Oil Corp (IOC) and Mangalore Refineries and Petrochemicals Ltd (MRPL) had declared force majeure on crude purchases from the Middle East on plummeting fuel demand."HRH Prince Abdulaziz assured of LPG supplies in the coming days to support our domestic requirement," Pradhan tweeted. ANZ BALBAL

Pradhan speaks to Saudi Oil Min for uninterrupted crude, LPG supplies

<ul><li>The Delhi government has provided 50% subsidy for the consumer using 201-400 units of electricity. </li><li>The consumers will not have to pay any <keyword id="100242" type="PERSON" weightage="20" keywordseo="Electricity-bill">electricity bill</keyword> for using up to 200 units. </li><li>The price of non-subsidised LPG cooking gas will be reduced by Rs 62.50 per 14.2 kg cylinder in New Delhi. </li></ul>The residents of Delhi can breathe a sigh of relief. Chief Minister <keyword id="260213" type="PERSON" weightage="20" keywordseo="Arvind-Kejriwal">Arvind Kejriwal</keyword> government <a href="https://www.ndtv.com/india-news/arvind-kejriwal-says-no-bill-for-electricity-usage-upto-200-units-in-delhi-2078622">announced </a>that its low-end consumers need not pay electricity bills. As per the new tariff policy, <a href="https://www.ndtv.com/delhi-news/no-electricity-tariff-hike-in-delhi-for-5-years-tweets-arvind-kejriwal-2078381">the government won't impose any electricity</a> charges for those consuming 200 units of electricity or less. <div type="twitter" handle="ArvindKejriwal" handlename="Arvind Kejriwal" image="http://pbs.twimg.com/profile_images/945853608389574656/REH_LpUJ_normal.jpg" favoritecount="17150" retweetcount="3019" status="Congratulations Delhi For fifth consecutive year NO electricity tariff hike. On the contrary, for fifth consecutiv… https://t.co/b6jt4jqTij" createdat="1564568739000" id="1156511234881011712"></div>

 New electricity tariffs They have much more subsidies up their sleeve. The Delh<a href="https://twitter.com/ANI/status/1156823259159154688">i government provided 50% subsidy</a> for those consuming between 201-400 units of electricity. Starting August, The consumers will have to pay ₹252 instead of ₹800 for using 250 unit a month. Further, for 300 units, the government will charge ₹526 monthly. <keyword id="75088" type="ORGANIZATION" weightage="20" keywordseo="LPG-cylinders">LPG cylinders</keyword> to cost less This is not the only good news that the national residents received today. The price of non-subsidised LPG cooking <a href="https://www.businessinsider.in/news/lpg-cylinder-prices-cut-by-62-5-in-delhi-rates-effective-from-aug-1/articleshow/70475003.cms">gas will be reduced </a>by ₹62.50 per 14.2 kg cylinder. This is effective August 1, the company said. According to the Indian Oil Corporation, the price reduction comes on the back of prices in the international market and the Dollar-Rupee exchange rate. "Accordingly, the upfront cash payment by the consumers of domestic LPG will also reduce per cylinder. Domestic LPG consumers will now be required to make an upfront cash payment of Rs 574.50 only per 14.2 Kg cylinder in August 2019 in place of Rs 637," IOC said in a statement. (With IANS) See also: <a href="https://www.businessinsider.in/news/lpg-cylinder-prices-cut-by-62-5-in-delhi-rates-effective-from-aug-1/articleshow/70475003.cms">Cooking gas will get cheaper from today in India's national capital</a>.

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