https://sputnikglobe.com/20221012/india-approves-26-bln-grant-for-oil-firms-to-keep-gas-prices-in-check-1101759181.html
India Approves $2.6 Bln Grant for Oil Firms to Keep Gas Prices in Check
India Approves $2.6 Bln Grant for Oil Firms to Keep Gas Prices in Check
Sputnik International
Since June 2020, international prices of cooking gas or LPG have increased by around 300 percent. As a result, Indian oil retailers have sustained losses on... 12.10.2022, Sputnik International
2022-10-12T13:04+0000
2022-10-12T13:04+0000
2022-11-15T14:20+0000
india
lpg
gas
cooking
narendra modi
inflation
crude oil
oil
https://cdn1.img.sputnikglobe.com/img/07e6/0a/0c/1101763898_0:161:3071:1888_1920x0_80_0_0_c0741ba0b58f649219bd7e5ce809552e.jpg
India Prime Minister Narendra Modi's cabinet on Wednesday approved $2.67 billion as one-time grant to public sector oil marketing companies incurring losses on the sale of domestic LPG, popularly known as cooking gas in India.The approved amount will be distributed among Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.Domestic LPG prices in India have spiked by 72 percent since June 2020, leading to “significant losses” for the state-owned firms. The government hopes that the grant will help the oil retailers in ensuring unhindered domestic LPG supplies, providing cooking gas at regulated prices to around 300 million consumers.The oil ministry data suggests that LPG subsidies fell to $605 million in 2021-22 from $4.3 billion in 2020-21. This year till August, around $500 million has been allocated to subsidies to "modulate the effective price to consumer" for domestic LPG.Earlier this week, Indian Oil Minister Hardeep Singh Puri said the government has a moral duty to provide energy to its citizens at affordable rates.India imported 17.27 million metric tons of LPG in 2021, up 6.63 percent from 2020, the government data showed.
https://sputnikglobe.com/20221008/india-reserves-right-to-buy-oil-from-wherever-it-wants-says-minister-1101629294.html
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2022
Rishikesh Kumar
https://cdn1.img.sputnikglobe.com/img/07e4/08/04/1080055820_0:0:388:389_100x100_80_0_0_40018ee210946d65d49ffba4f4c008e1.jpg
Rishikesh Kumar
https://cdn1.img.sputnikglobe.com/img/07e4/08/04/1080055820_0:0:388:389_100x100_80_0_0_40018ee210946d65d49ffba4f4c008e1.jpg
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Rishikesh Kumar
https://cdn1.img.sputnikglobe.com/img/07e4/08/04/1080055820_0:0:388:389_100x100_80_0_0_40018ee210946d65d49ffba4f4c008e1.jpg
india, lpg, gas, cooking, narendra modi, inflation, crude oil, oil
india, lpg, gas, cooking, narendra modi, inflation, crude oil, oil
India Approves $2.6 Bln Grant for Oil Firms to Keep Gas Prices in Check
13:04 GMT 12.10.2022 (Updated: 14:20 GMT 15.11.2022) Since June 2020, international prices of cooking gas or LPG have increased by around 300 percent. As a result, Indian oil retailers have sustained losses on the selling of subsidized gas to lessen the burden on consumers during the pandemic-induced economic crisis.
India Prime Minister Narendra Modi's cabinet on Wednesday approved $2.67 billion as one-time grant to public sector oil marketing companies incurring losses on the sale of domestic LPG, popularly known as cooking gas in India.
The approved amount will be distributed among Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.
“During the period from June 2020 to June 2022, international LPG prices increased by around 300 percent. However, to insulate consumers from fluctuations in international LPG prices, the cost increase was not fully passed on to consumers of domestic LPG,” a government statement read.
Domestic LPG prices in India have
spiked by 72 percent since June 2020, leading to “
significant losses” for the state-owned firms. The government hopes that the grant will help the oil retailers in ensuring unhindered domestic LPG supplies, providing cooking gas at regulated prices to around 300 million consumers.
The oil ministry data suggests that LPG subsidies fell to $605 million in 2021-22 from $4.3 billion in 2020-21. This year till August, around $500 million has been allocated to subsidies to "modulate the effective price to consumer" for domestic LPG.
8 October 2022, 13:12 GMT
Earlier this week, Indian Oil Minister Hardeep Singh Puri said the government has a moral duty to provide energy to its citizens at affordable rates.
"If you are clear about your policy, which means you believe in energy security and energy affordability, you will buy from wherever you have to purchase energy from sources," Puri said after his bilateral meeting with US Energy Secretary Jennifer Granholm.
India imported 17.27 million metric tons of LPG in 2021, up 6.63 percent from 2020, the government data showed.
