Petrol

Last week, the government cut the price of the domestic 14.2kg LPG cylinder by Rs 200/LPG cylinder for all 330 million consumers w.e.f. August 30.

It has also increased the windfall tax on diesel to Re.1 per litre from zero. According to a gazette notification, these changes will come into effect from August 1 onwards. The windfall tax on petrol however will continue to be at ‘nil’, the notification said. Similarly, SAED on jet fuel or aviation turbine fuel (ATF) will also continue to be at ‘nil’.

Addressing a conference on biofuels, Puri said he was confident that government will be able to supply 20 per cent ethanol blended petrol by next financial year. In February, petrol blended with 20 per cent ethanol was rolled out at selective pumps in 11 states, to promote awareness about green fuels.

The move is a "precautionary measure" taken in coordination with some countries of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to stabilise the global oil market, it added on Sunday.

In response to a tweet thread by Petroleum Minister Hardeep Puri, Modi tweeted, "Noteworthy reform in the energy and natural gas sector." In a tweet thread, Puri informed that in line with objective of economic development of all regions of the country, PNGRB has introduced implementation of a unified tariff, a much awaited reform in natural gas sector.

"I believe that a stronger commitment to the sustainable development goals (SDGs) and the multilateral agenda are going to be fundamental to the global response," Puri said while delivering the keynote address at the valedictory session of the World Sustainable Development Summit 2023, organised by The Energy and Resources Institute (TERI).

The minister, who was in Barmer on a visit to the refinery complex, said that it will process 9 metric million tonnes per annum of crude and produce more than 2.4 million tonnes of petrochemicals, which will reduce import bill on account of petrochemicals. This project will act as an industrial hub not only for western Rajasthan but will also steer India to its vision of achieving 450 metric million tonnes per annum refining capacity by 2030, he added.

As per the latest notification issued by the government effective from Thursday, the prices of petroleum products were revised as follows: MS (petrol) revised to Rs 272.00 a litre, high-speed Diesel (HSD) price revised to 280.00 litre, kerosene oil (SKO) price revised from Rs 189.93 to Rs 202.73 and light diesel oil revised from Rs 187.00 to Rs 196.68, all effective from Thursday.

There is a short supply of petrol in the country with Punjab province bearing the brunt of the crisis. Major and smaller cities, towns and villages in the province do not have the major fuel, The News reported. The crisis has worsened in the last few days despite the government's warning to the people from hoarding petrol in anticipation of an increase in its price.