LPG: The authorities has exempted imports of LPG, liquified propane and liquified butane from 15 per cent agri cess with impact from in the present day (September 1). The authorities had in July imposed a 15 per cent agri cess on imports of those items.
The Finance Ministry in a notification stated that imports of LPG, liquified propane and liquified butane have been absolutely exempted from Agriculture Infrastructure Development cess (AIDC) efficient September 1.
Meanwhile, the bumper earnings within the first 5 months of the present fiscal and worldwide benchmark coming off its highs will assist state-owned oil firms soak up the Rs 200 per cylinder reduce in cooking gasoline LPG costs, sources stated indicating there could also be no authorities compensation for that.
On Tuesday, the federal government introduced a Rs 200 per cylinder reduce in costs of home cooking gasoline to melt the impression of rising inflation on households in addition to counter the promise of cheaper LPG made by the Congress get together in upcoming meeting elections.
This resulted within the worth of a 14.2-kg LPG cylinder within the nationwide capital coming all the way down to Rs 903 from Rs 1,103 earlier. For Ujjwala beneficiaries, the value will likely be Rs 703 after contemplating the persevering with Rs 200 per cylinder subsidy.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) posted bumper earnings within the April-June quarter and the pattern is continuous in thereafter, authorities and business sources stated.
Also, Saudi CP- the value to which home LPG charges are benchmarked resulting from excessive import dependence- declined from USD 732 per tonne in March 2023 to USD 385 in July. Rates have gone up in August to USD 464 per tonne however nonetheless present sufficient cushion for oil firms to chop LPG costs, they stated.
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