Petrol and diesel prices held steady across metro cities on September 13, the latest price notification issued by fuel retailers showed.
Fuel prices have stayed unchanged for more than a month. Petrol and diesel in Delhi cost Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is being sold for Rs 106.31 per litre and diesel for Rs 94.27. Petrol and diesel are priced at Rs 102.63 and Rs 94.24 in Chennai and at Rs 106.03 and Rs 92.76 in Kolkata, respectively.
Oil prices edge higher on worries over tighter supply
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Oil prices edged up early on Tuesday, extending gains from the previous session as investors worried about tight supply ahead of the winter heating season in the Northern Hemisphere.
Brent crude rose 5 cents to $94.05 a barrel by 0006 GMT, while WTI crude rose 7 cents to $87.85 a barrel.
Crude prices on both sides of the Atlantic have surged more than 15% this year due to uncertainties stemming from the Russia-Ukraine conflict. Energy costs have also soared with Moscow slashing gas supplies to Europe amid Western sanctions imposed over its invasion of its neighbour.
Fossil fuel firms may have to share their excess profits to help European households and industries cope with red-hot energy bills, a draft European Union plan shows, as the cost of the West’s “energy war” with Russia took a growing toll.
Government plans Rs 20,000-crore cash jab into oil firms singed by soaring costs
India plans to pay about Rs 20,000 crore ($2.5 billion) to the state-run fuel retailers, such as Indian Oil Corp., to partly compensate them for losses and keep a check on cooking gas prices, according to people familiar with the matter.
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The talks are at an advanced stage, but a final decision is yet to be taken, the people said.
The three biggest state-run retailers, which together supply more than 90% of India’s petroleum fuels, have suffered the worst quarterly losses in years by absorbing record international crude prices. While the handout could ease their pain, it would add pressure to the government’s coffers that are already strained by tax cuts on fuels and a higher fertilizer subsidy to tackle mounting inflationary pressures.
Centre mulls additional LPG subsidy of up to Rs 30,000 crore: Sources
The central government is considering an additional subsidy of up to Rs 30,000 crore to keep the retail price of liquefied petroleum gas (LPG) in check, CNBC TV18 reported on September 12, citing sources.
The additional subsidy amount will be “over and above” the budget earmarked for the Centre’s landmark Ujjwala scheme, the report said.
The amount estimated for the additional subsidy is around “Rs 25,000- 30,000 crore”, the news channel learnt from the persons who are privy to the development. They added that the subsidy amount will be paid to the oil marketing companies (OMCs).
The estimated amount, as stated in the report, is higher than Rs 5,812 crore marked as LPG subsidy in the budget estimate for the financial year 2022-23.
