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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>Last April, BPCL and other state fuel retailers froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. </li><li>That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. </li><li>The consolidated net profit of ₹ 10,644.30 crore in April-June compared to a net loss of ₹ 6,147.94 crore in the same period last year. </li></ul>State-controlled <keyword id="155363" type="General" weightage="20" keywordseo="bharat-petroleum-corporation-ltd" source="Orion">Bharat Petroleum Corporation Ltd</keyword> (BPCL) on Wednesday reported a net profit of ₹ 10,644 crore in the June quarter as a freeze on the retail selling price of petrol and diesel despite a fall in oil prices helped turn around fuel marketing margins. The consolidated net profit of ₹ 10,644.30 crore in April-June (first quarter of current 2023-24 fiscal year) compared to a net loss of ₹ 6,147.94 crore in the same period last year, according to a company's filing with the stock exchanges. The earning in the first quarter was 55 % higher than the net profit of ₹ 6,870.47 crore in the preceding January-March quarter. In early April last year, BPCL and other government-owned fuel retailers - Indian Oil Corporation (<keyword id="6354733" type="General" weightage="20" keywordseo="ioc" source="Orion">IOC</keyword>) and Hindustan Petroleum Corporation Ltd (<keyword id="6362419" type="General" weightage="20" keywordseo="hpcl" source="Orion">HPCL</keyword>) - froze retail petrol and diesel prices to cushion domestic consumers from rising international oil prices. That freeze led to the three retailers suffering heavy losses in not just April-June 2022 but also in the subsequent quarter. Margins on petrol and diesel turned positive following softening of international oil prices in the June quarter, but rates were not revised, and the companies recouped losses they incurred last year. The fall in oil prices meant that revenue from operations for BPCL dipped 7 % to ₹ 1.28 lakh crore. The company earned $12.64 on turning every barrel of crude oil into fuel during the quarter ended June 30 against a gross refining margin (GRM) of $27.51 per barrel in the same period last year, the filing said. BPCL also accounted for a ₹ 24.51 crore foreign exchange gain against a forex loss of ₹ 962.53 crore in April-June 2022. Its EBITDA rose 41.8 % quarter-on-quarter to ₹ 15,809.7 crore in April-June. The profit BPCL reported in April-June is multiple times higher than the total net profit of ₹ 2,892.34 crore in the full 2022-23. Freeze on petrol and diesel prices IOC, BPCL and HPCL temporarily abandoned the daily price revision last year and have not revised petrol and diesel prices in line with the cost. And the losses they incurred when the oil prices were higher than the retail selling prices are recouped with rates dropped. Officials said the three firms have been making positive margins on petrol since the fourth quarter of the 2022 calendar year but diesel, which accounts for the bulk of the fuel sales, had been in red. But in May, margins on diesel turned positive with a small 50 paise a litre profit, they said. International oil prices had spiked to $139 per barrel in March 2022 in the aftermath of the Russia-Ukraine war. They cooled to $75 during May-June. At peak, oil firms lost ₹ 17.4 per litre on petrol and ₹ 27.7 a litre on diesel. In the October-December quarter, oil firms earned ₹ 10 a litre margin on petrol but lost ₹ 6.5 on diesel. In the following quarter, the margins on petrol moderated to ₹ 6.8 a litre while diesel earned ₹ 0.5 per litre. Officials said oil prices have firmed up this month, and the basket of crude oil that India buys has averaged $79.37 per barrel so far, making a reduction in rates difficult. Holding prices when input cost was higher than retail selling prices led to the three firms posting net earnings loss. They posted a combined net loss of ₹ 21,201.18 crore during April-September despite accounting for ₹ 22,000 crore announced but not paid LPG subsidy. International oil prices have been turbulent in the last couple of years. It dipped into the negative zone at the start of the pandemic in 2020 and swung wildly in 2022 -- climbing to a 14-year high of nearly $140 per barrel in March 2022 after Russia invaded Ukraine before sliding on weaker demand from top importer China and worries of an economic contraction. But, for a nation that is 85 % dependent on imports, the spike meant adding to already firming inflation and derailing the economic recovery from the pandemic. So, the three fuel retailers, who control roughly 90 % of the market, froze petrol and diesel prices for the longest duration in at least two decades. They stopped daily price revision in early November 2021 when rates across the country hit an all-time high, prompting the government to roll back a part of the excise duty hike it had effected during the pandemic to take advantage of low oil prices. The freeze continued into 2022 but the war-led spike in international oil prices prompted a ₹ 10 a litre hike in petrol and diesel prices from mid-March before another round of excise duty cut rolled back all of the ₹ 13 a litre and ₹ 16 per litre increase in taxes on petrol and diesel effected during the pandemic. That followed the current price freeze that began on April 6, which still continues. (With inputs from PTI)

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

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 13 () The oil ministry on Thursday justified the steep Rs 144.50 per cylinder hike in cooking gas LPG prices, saying the rates are based on the international market price that had increased over 26 per cent last month. It also said domestic consumers have been largely insulated from the hike by way of the large increase in subsidy. "The LPG price is derived based on the international market price for the previous month," the ministry said in a statement. "On account of a sharp increase in the international price of LPG during January 2020 from USD 448 per ton to USD 567 a tonne, there has been a hike of Rs 144.50 for a 14.2 kg cylinder," it added. The ministry said the increase in price for 26.12 crore out of total LPG user base of 27.76 crore is borne by the government by enhancing the subsidy component. The government gives a subsidy to LPG users under two different heads -- direct benefit transfer or PAHAL for domestic users and Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries. "While the price of domestic non-subsidised LPG cylinder has increased from Rs 714 per cylinder to Rs 858.50 per cylinder, the subsidy amount to subsidised consumers in Delhi has increased from Rs 153.86 per cylinder to Rs 291.48 per cylinder. "In view of the subsidised price determined by the government, the subsidised LPG consumers are insulated from the volatility of LPG prices in the international market," the statement said. For the PMUY consumers, the subsidy borne by the government has increased from Rs 174.86 per cylinder to Rs 312.48 per cylinder. "Therefore, the impact of the price hike is mostly borne by the government by enhancing the subsidy for subsidized and PMUY consumers," it said. The price hike announced by oil companies on Wednesday was the steepest in six years. In January 2014, prices had gone up by Rs 220 per cylinder to Rs 1,241. Domestic LPG users are entitled to buy 12 bottles of 14.2-kg each at subsidised rates in a year. Beyond this limit, consumers have to purchase at market price. After accounting for the subsidy that is transferred 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 eight crore free LPG connections to poor women under PMUY to increase coverage of environment-friendly fuel in kitchens. Normally, LPG rates are revised on the 1st of every month but this time it took almost two weeks for the revision to take place. The ministry's statement did not say why the revision was pushed by 12 days. ANZ RAM

Oil Min justifies LPG price hike to spike in global rates

New Delhi, Mar 18 () The price of subsidised cooking gas (LPG) has been hiked by Rs 35.55 per cylinder in the last five months, Oil Minister Dharmendra Pradhan said on Wednesday.As per government policy, LPG all over the country is available only at market price. However, households are entitled to buying 12 cylinders of 14.2-kg each at a subsidised rate in a year. The government transfers the subsidy amount directly into the bank accounts which the beneficiaries use to buy LPG at the market price.The subsidised LPG price has gone up by Rs 35.55 per cylinder since October.In a written reply to a question in the Rajya Sabha, Pradhan said domestic subsidised LPG in Delhi was priced at Rs 538.95 per cylinder on October 1, 2019, and this month it costs Rs 574.50.He did not give any reason for the price increase.While non-subsidised or market priced LPG has varied from month to month based on benchmark international rates, subsidised LPG prices have been raised every month by Rs 4 per cylinder plus taxes.These rates, however, are no longer published by the oil market companies.To the question of whether state-owned oil marketing companies had stopped publishing subsidised gas prices, he said the price of non-subsidised domestic LPG is available at the websites of oil companies. In reply to another question, Pradhan said non-subsidised LPG cylinder costs Rs 805.50.Household consumers are getting a subsidy of Rs 231 per 14.2-kg cylinder, he said.So, a household buys LPG at Rs 805.50 per cylinder. After accounting for Rs 231 that he or she gets as government subsidy, the payout is Rs 574.50."The prices of petroleum products in the country are linked to the price of the respective products in the international market. However, the Government continues to modulate the effective price to consumers for subsidized domestic LPG and the consumers get the product at the subsidised rate. "The subsidy on subsidized domestic LPG increase/ decrease with the increase/ decrease in the product price in the international market and decision of Government on subsidy," he said.Pradhan had on July 31, 2017, stated in a written reply to a question in the Lok Sabha that the government had ordered state-run oil companies to raise subsidised cooking gas (LPG) prices by Rs 4 per cylinder every month to eliminate all the subsidies."Public sector oil marketing companies (OMCs) were authorised to increase the price of subsidised domestic LPG cylinder by Rs 2 per cylinder (14.2-kg) per month (excluding VAT) with effect from July 1, 2016," he had said.Oil companies had hiked LPG rates on 10 occasions since that go-ahead."The government vide its order dated May 30, 2017, has again authorised OMCs to continue to increase the effective price of subsidised domestic LPG by Rs 4 per cylinder effective June 1, 2017, per month (excluding VAT) till the reduction of government subsidy to 'nil'," he had stated.There are over 26 crore customers of subsidised LPG in the country. These include 8 crore poor women who were given free connections under the Pradhan Mantri Ujjwala Yojna. ANZ MRMR

Subsidised LPG price hiked by Rs 35.55 in 5 months: Pradhan

New Delhi, Jan 1 () Jet fuel or ATF price was on Wednesday hiked by 2.6 per cent and that of non-subsidised cooking gas LPG by Rs 19 per cylinder on the back of a rise in international rates.
Price of Aviation Turbine Fuel (ATF), used to power aeroplanes, was raised by Rs 1,637.25 per kilolitre, or 2.6 per cent, to Rs 64,323.76 per kl in Delhi, according to a price notification of state-owned fuel retailers.
 This is the second straight monthly increase in rates warranted due to firming up of prices in the international market.
 In India, which is dependent on imports to meet 84 per cent of its oil needs, prices of domestic fuels are at par with benchmark international prices.
 ATF price was on December 1 increased by a marginal Rs 13.88 per kl.
 The two back-to-back increases have push jet fuel prices to their highest since June 2019.
 The hike will add to the burden of cash strapped airlines that are already reeling under pressure from cut-throat competition in the sector.
 Despite the increase, at Rs 64.32 per litre ATF costs less than petrol and diesel. A litre of petrol in the national capital comes for Rs 75.14 while diesel is priced at Rs 67.96 a litre.
Simultaneously, oil companies also raised the price of non-subsidised LPG to Rs 714 per 14.2-kg cylinder from Rs 695 previously.
 This is the fifth straight monthly increase in cooking gas prices since September 2019. In all, non-subsidised cooking gas prices have gone up by Rs 139.50 per cylinder in the last five months.
 Non-subsidised LPG is the gas that consumers buy after exhausting their quota of 12 cylinders of 14.2-kg at sub-market or subsidised rates of Rs 495.86.
 LPG, as well as ATF prices, are revised on 1st of every month based on the average international rate for benchmark fuel and foreign exchange rate in the preceding month.
 Also, the price of kerosene sold through the public distribution system (PDS) was increased by 26 paise to Rs 35.58 per litre in Mumbai.
 This is in accordance with the 2016 decision to raise rates by 25 paise a litre every month till subsidy on the fuel is eliminated.
 Delhi has been declared kerosene-free and no PDS kerosene is sold in the national capital. ANZ ANZ ANU
ANU

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

PTI

India slashes windfall tax on crude petroleum

ANI

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

Rounak Jain

BPCL swings to profit of ₹10,644 cr in Q1 aided by freeze on retail selling prices

BI India Bureau

LPG price hiked by Rs 144.5 per cylinder

PTI

Oil Min justifies LPG price hike to spike in global rates

PTI

Subsidised LPG price hiked by Rs 35.55 in 5 months: Pradhan

PTI

ATF cost up 2.6%; non-subsidised LPG price hiked by Rs 19

PTI

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