PETROLEUM SUBSIDY
Subsidies to oil & gas sector reduce 85 pc in 10 years to 2023: MNRE
India has significantly reduced its oil and gas subsidies by 85% since 2013, according to the Ministry of New and Renewable Energy. This strategic move, which involved phasing out petrol and diesel subsidies and increasing taxes, has freed up funds for renewable energy projects, electric vehicles, and critical electricity infrastructure.
ADB lauds India's fossil fuel subsidy reforms
India has significantly cut its oil and gas subsidies by 85 per cent from 2013 to 2023. This was achieved using policy reforms including phasing out petrol and diesel subsidies and increasing taxes. The extra tax revenue from these increases funded renewable energy projects, electric vehicles, and LPG usage among the rural poor, reshaping India's energy landscape.
Malaysia to widen tax net and cut subsidies in 2025 as budget spending hits record
Malaysia plans to broaden its sales and services tax and reform fuel subsidies next year, as announced by Prime Minister Anwar Ibrahim. The 2025 budget includes a record $98 billion spending, aiming to reduce the fiscal deficit to 3.8% of GDP. Revenue growth is forecasted at 5.5%, while government debt is expected to remain steady at around 64% of GDP.
FAME 3 scheme nears completion, timeline yet to be announced: Union Minister
Preparations for Fame 3 scheme, the next phase of India's initiative to boost electric and hybrid vehicle adoption, are nearly finished. The scheme has seen significant achievements in its previous phases, including substantial support for electric vehicles and charging infrastructure. The Ministry of Heavy Industries continues its efforts to promote electrification of transportation.
What does the Budget mean for common man, youth & industry? Nirmala Sitharaman explains
Finance Minister Nirmala Sitharaman addressed Congress' claims that BJP has borrowed their ideas, highlighted job creation efforts, defended initiatives like internships and angel tax abolition, and discussed subsidies and reforms. She emphasized youth employment schemes and criticized Congress for past inaction. Sitharaman also commented on the humour in media portrayals.
Budget 2024 in five key charts: More spending, debt control
Nirmala Sitharaman's budget focuses on job creation, infrastructure, reducing deficit (4.9% GDP), defense (6.2 trillion rupees), youth reskilling, borrowings, pensions, capital budget, subsidies cuts, education, health, and food pledge. Central bank windfall supports funding. Goal: government debt decline by 2026-27 and making India a developed nation by 2047, under Modi's coalition.
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Union Budget 2024: Sitharaman's Budget cuts subsidy bill by 7.8% to Rs 3.81 lakh crore
The government's 2024-25 Budget reflects a 7.8% reduction in subsidies for food, fertiliser, and fuel, with total allocation at Rs 3,81,175 crore, aligning with earlier estimates. Food subsidy is set at Rs 2,05,250 crore, fertiliser subsidy at Rs 1,64,000 crore, and petroleum subsidy, mainly for LPG, at Rs 11,925 crore. This move balances fiscal prudence with welfare measures, benefitting millions of individuals.
Untether the fuel nozzle: What India's oil & gas sector needs from Modi 3.0
When Narendra Modi took office as Prime Minister in 2014, he set clear goals for the oil and gas sector, leading to significant achievements over the past decade. His administration's strong policy support and close oversight have ensured nearly universal access to cooking gas, expansion of petrol pumps and gas distributors, growth in natural gas pipelines and LNG import capacity, an increase in ethanol blending, and a reduction in fuel subsidies.
Reduce Bharat Petroleum Corporation, target price Rs 275: HDFC Securities
Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 133625.97 Crore) operating in Gas & Petroleum sector.
India needs to build its own EV paradigm, products, and core technology in the EV stack: Bhavish Aggarwal, Ola
This is the start of the EV penetration. India is the world's largest two-wheeler market. 20 million two-wheelers are sold a year. Over time, EV penetration will grow to a much larger percentage in the overall industry and there is no single company that can achieve that full transition, says Bhavish Aggarwal,
Government slashes domestic natural gas prices amid major pricing overhaul
The Ministry of Oil lowered domestic natural gas price to USD 8.44 per mmBtu for June 2024, following a new pricing mechanism. This adjustment aims to stabilize the market and meet energy targets, benefiting consumers and producers alike.
IOC, BPCL, HPCL post Rs 81,000 cr record profit in FY24
The retailers have 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, BPCL, HPCL post Rs 81,000 cr record profit in FY24
The retailers have 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.
Top stocks to buy: Favourable industry trends to support oil and gas stocks
Upstream oil players and gas firms can cushion against rising volatility fuelled by stretched valuations.
Preparations for Modi regime 3.0: To fire up PNG adoption, govt may hand out free connections
Petroleum ministry plans Prajwala scheme for free PNG connections and subsidies, inspired by Ujjwala scheme. Prepaid meters and gas pipeline grid crucial. Penalties for distributors missing targets. LPG costs in Delhi compared.
"Decision taken to extend LPG subsidy for one year," says Union Minister Hardeep Singh Puri
Union Minister Hardeep Singh Puri highlighted PM Modi's decision to reduce LPG cylinder prices, making them more accessible and affordable. He criticized the scarcity of cylinders and the challenges in pricing and subsidy distribution. The reliance on imported crude oil impacts the pricing of LPG cylinders and other petroleum products.
Oil cos losing close to Rs 3 a litre on diesel, profit on petrol down
Indian state-owned fuel retailers, including Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL), are reportedly losing nearly Rs 3 per liter on diesel, with reduced profit margins on petrol due to international oil price fluctuations. Despite a record Rs 69,000 crore profit in the first nine months of the fiscal year, the companies have not revised fuel prices for almost two years, citing market volatility and previous unrecouped losses.
IOC, BPCL, HPCL post Rs 69k cr net profit in Apr-Dec, higher than pre-oil crisis annual earnings
Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd reported bumper profit totalling over Rs 69,000 crore in the first nine months of the current fiscal, exceeding their annual earnings in pre-oil crisis years. The combined net profit of the three companies in April-December FY24 was better than their annual earning of Rs 39,356 crore in pre-oil crisis year. The retailers have not changed petrol, diesel, and cooking gas (LPG) prices for almost two years now, resulting in losses when input cost was higher and profits when raw material prices were lower. The three firms posted record earnings in the first two quarters of this fiscal year when international oil prices almost halved, but on a year as a whole, they had rich profits.
Outgo towards food subsidy pegged at Rs 2.05 lakh cr for budget 2024-25: FM Nirmala Sitharaman
Food subsidy is provided to meet the difference between the economic cost of foodgrains procured by the government and their sales realisation at the PDS rate called central issue price (CIP) under the National Food Security Act (NFSA) and other welfare schemes.
Sell Bharat Petroleum Corporation, target price Rs 381: Prabhudas Lilladher
Bharat Petroleum Corporation Ltd. key Products/Revenue Segments include Petroleum Products, Oil Crude, Other Operating Revenue, Subsidy for the year ending 31-Mar-2022.
Buy Bharat Petroleum Corporation, target price Rs 597: Anand Rathi
Bharat Petroleum Corporation Ltd., incorporated in the year 1952, is a Large Cap company (having a market cap of Rs 96076.20 Crore) operating in Gas & Petroleum sector.
Tiny electric vehicles pack a bigger climate punch than cars
The big shift to tiny electric vehicles is underappreciated in the United States and Europe, where, despite the popularity of electric bicycles and scooters, the focus has been mainly on cars. The global majority, though, doesn't roll on four wheels.
Niti Aayog to evaluate food and LPG subsidy schemes
India's government think-tank, Niti Aayog, will evaluate the country's largest subsidy schemes, the National Food Security Act and LPG subsidy, to streamline spending and prevent misuse. The evaluation aims to ensure that the benefits of these schemes are reaching eligible individuals. The cost of these subsidies is approximately ?4 lakh crore per year. The evaluation is necessary due to slow progress in achieving food security and nutritional outcomes in India, as well as the increasing consumption of LPG in the country..
Rs 200 LPG price cut on oil companies, government unlikely to give subsidy
On Tuesday, the government announced a Rs 200 per cylinder cut in prices of domestic cooking gas to soften the impact of rising inflation on households as well as counter the promise of cheaper LPG made by the Congress party in upcoming assembly elections. This resulted in the price of a 14.2-kg LPG cylinder in the national capital coming down to Rs 903 from Rs 1,103 earlier. For Ujjwala beneficiaries, the price will be Rs 703 after considering the continuing Rs 200 per cylinder subsidy.
Cabinet approves LPG subsidy of Rs 200/cylinder for all users, Ujjwala users will now get Rs 400
The Cabinet, chaired by Prime Minister Narendra Modi on Tuesday approved an additional subsidy of Rs 200 per cylinder under Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries. At present, the beneficiaries have been receiving Rs 200 per cylinder since March. This will be making the total amount that they will be receiving Rs 400.
Centre gives Rs 800 crore to oil companies for setting up over 7000 charging stations under FAME II
According to official data, these new stations will supplement the existing 6,586 public EV charging stations in the country. The EV stations will deploy fast as well as slow chargers. This subsidy grant from the government will help OMCs achieve their mission of setting up 22,000 EV charging stations across the country by 2024.
Budget 2023: Taking the knife to food, fertiliser subsidies
The subsidy bill had risen in FY23 from a budgeted Rs 3.17 lakh crore due to a rise in global commodity prices and the extension of the free food programme. FY24 fiscal deficit is seen at 5.9% of the GDP against 6.4% estimated in the current fiscal.
Fuel subsidies are back: Oil companies to get Rs 30,000 cr for holding petrol, diesel prices
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) haven't changed petrol and diesel prices since April 6, 2022, despite input crude oil prices rising from USD 102.97 per barrel that month to USD 116.01 per barrel in June and falling to USD 80.92 per barrel this month.
Oil price spike brings back subsidies but India wins at crude diplomacy
Private fuel retailers, who entered the market after the sector was deregulated and controlled roughly a tenth of the country's petrol pumps, were unwilling to sell at a loss and hung no-stock signs, leading to consumers clogging PSU bunks.
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