Latest news with #PPAC
&w=3840&q=100)
Business Standard
2 days ago
- Business
- Business Standard
Petroleum product export earnings fell 13.4% to $3.3 bn in May: PPAC
Lower global crude prices reduced May petroleum export earnings to $3.3 billion even as outbound and import volumes rose and crude processing remained steady Subhayan Chakraborty New Delhi Listen to This Article Despite a rise in outbound trade volumes, lower global crude oil prices pulled down earnings from the export of refined petroleum products in May, latest data released by the Petroleum Planning and Analysis Cell (PPAC) showed. Receipts from petroleum exports fell 13.15 per cent to $3.3 billion in May, down from $3.8 billion in May 2024. In May, Brent crude prices hovered between $60 and $62 per barrel, compared to $80 per barrel a year earlier. As a result, there was a fall in the export of aviation turbine fuel and high speed diesel. In contrast, earnings had risen by
India Gazette
14-06-2025
- Politics
- India Gazette
"BJP's Delhi Govt handing out 'prasads' of misery to every section of society": AAP's Saurabh Bharadwaj
New Delhi [India], June 14 (ANI): Senior AAP leader and Delhi State President Saurabh Bharadwaj has come down heavily on the BJP, accusing it of betraying its promises and delivering 'prasads' of suffering to the people of Delhi--10.5% Power Purchase Adjustment Charges (PPAC) hike, not fulfilling the promise of removing pension charges, and 14-hour blackouts in peak summer. He alleged that in just four months of forming its government in Delhi, the BJP has unleashed a barrage of miseries on every section of society, pointing out 'fee hikes for the middle class, bulldozers over jhuggis, and now soaring electricity bills.' During a press conference, pointing to BJP's 'relentless assault' on every section of society since coming to power in Delhi, AAP Delhi State President Saurabh Bharadwaj stated, 'The BJP seems to have taken a vow that no section will be spared--they are determined to hand over the 'prasads' of their governance to every citizen. The moment they came to power, they increased fees in private schools and gave a 'prasad' to the middle class. Then came demolition drives targeting people living in jhuggis, another 'prasad' for the downtrodden. And now, with the onset of peak summer in May and June, they've delivered yet another gift--by hiking the PPAC for the entire city.' Showing a video of a BJP event from July 2024, he stated that at that time, the BJP was furious that the PPAC had been increased by 8%. 'When this hike happened in 2024, BJP leaders had publicly called Arvind Kejriwal a thief. They said the increase was proof of collusion between the Delhi government and power companies, and even called it corruption,' he said. Challenging the BJP to stand by their past claims, the senior AAP leader said, 'Today, with the BJP in power, the PPAC hasn't increased by 8-8.5%, it has increased by 10.5%. So I want to ask Virendra Sachdeva: if an 8% hike made the then Delhi government a thief, then what would you call your own 10% hike? Will you now call your government thieves, robbers, or 'mahachors'?' Demanding action from the BJP on its earlier commitments, Saurabh Bharadwaj said, 'According to BJP's Virendra Sachdeva, the responsibility to pay pensions to retired employees of power companies doesn't lie with the companies, nor with the government. He had declared that pension charges in electricity bills were unjustified and should be removed. Now that the BJP is running the government, why are these charges still there? It's been four months. When will they be removed?' 'The BJP had said that consumers should not be made to pay pension for electricity company employees. If that's what they believed, then why hasn't their government removed the 8% pension charge yet?' he added. The AAP Delhi President said that electricity bills have increased under the BJP, and Delhi is now facing long and unbearable power cuts. 'In this scorching heat, people are spending entire nights without electricity. This has never happened before. Today's newspaper reported that in Chhatarpur, power went out at 8 PM and returned at 10 AM the next day--a 14-hour blackout. Angry residents blocked roads and raised slogans against the government,' he said. 'This situation is not limited to one area. People in upscale localities like Greater Kailash are also suffering. Residents told me they never needed inverters in the past ten years, but now, every household is installing one. They say--even if we can't run the AC, at least we should be able to run a fan. That's how bad things have become,' he added. Bharadwaj alleged that the BJP government had raised PPAC and made electricity unaffordable. 'They've allowed long power cuts to become routine, forcing people to spend sleepless nights. And third, the pension charges in electricity bills--charges they themselves called unjust--are still being collected. When is the BJP going to remove them? The people of Delhi are watching, and they are waiting for answers,' he said. (ANI)
Time of India
01-06-2025
- Business
- Time of India
Govt cuts APM gas price for first time in 2 years
For the first time in two years, the government has reduced the price of natural gas used for producing CNG for vehicles and cooking gas, reflecting a decline in benchmark rates. The price of natural gas from legacy fields allocated to state-owned ONGC without auction has been reduced from USD 6.75 to USD 6.41 per million British thermal units (mmBtu), according to a notification from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC). The reduction, which is the first since the government in April 2023 implemented a new formula to price such gas, will aid city gas retailers like Indraprastha Gas Ltd , Mahanagar Gas Ltd and Adani-Total Gas Ltd who had been reeling under cost pressures from rise in input cost. In April 2023, the Union Cabinet accepted an expert committee report to price on a monthly basis the gas from legacy fields, called APM gas, at 10 per cent of monthly average import price of crude oil with a floor of USD 4 and a cap of USD 6.5 per mmBtu. The cap price was to remain unchanged for two years and rise by USD 0.25 annually thereafter. In line with this, the cap rose to USD 6.75 per mmBtu in April. In the first two years, the price of gas using this formula ranged between USD 7.29 per mmBtu and USD 9.12 but the cap ensured that the rate were fixed at USD 6.50 per mmBtu. In April, the price according to this formula came to USD 7.26 per mmBtu but the final rate was USD 6.75 in line with higher cap. In May, the price came to USD 6.93 but was capped to USD 6.75 for consumers. Since there has been a fall in international oil prices in view of uncertain demand outlook, the Indian basket of crude oil averaged around USD 64 in May. Using this as a benchmark, the APM gas price came to USD 6.41 per mmBtu on gross calorific value (GCV) basis, according to PPAC. "For gas produced by Oil and Natural Gas Corporation/Oil India Ltd from their nomination fields, the APM price shall also be USD 6.41 per mmBtu on GCV basis" for the period June 1, 2025 to June 30, 2025, PPAC said. The fall in benchmark also means that the price of gas that ONGC produced from new wells in the APM fields would also come down. The government had allowed ONGC to charge 12 per cent of the oil price for the gas coming from new wells it drills. The higher price was to make up for the capex incurred in drilling new wells. As much as 5 million standard cubic meters per day of gas - or a 10th of all gas produced by ONGC - comes from new wells, according to industry sources. APM gas is one produced by state-owned firms Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) from fields that were given to them on nomination basis. This gas is the input that is used in the cooking gas piped to household kitchens as well as turned into CNG for running automobiles, making fertilizers and producing electricity. Prior to April 2023, the price of gas produced from fields covered under the Administered Price Mechanism (APM) regime -- which accounts for 70 per cent of domestic gas production -- was determined semi-annually based on a formula that benchmarked it to average international prices at four gas trading hubs. APM gas is provided to city gas distributors for supply to CNG and residential PNG segments, which together accounts for 60 per cent of their sales volume. Subsequent to the April 2023 decision, APM gas prices are revised on a monthly basis but subject to ceiling and floor price. The ceiling price now is USD 6.75 per mmBtu and will rise by another USD 0.25 per mmBtu in April next year. APM gas prices had seen wide fluctuations in the years running up to the April 2023 decision. From a low of USD 1.79 per mmBtu in 2021, to a high of USD 8.57 for the 6-month period ended March 2023. The rate for difficult fields like KG-D6 of Reliance Industries has been set at USD 10.04 per mmBtu for six months beginning April 1 as compared to USD 10.16 in the preceding six months period, according to PPAC.
&w=3840&q=100)
Business Standard
01-06-2025
- Business
- Business Standard
Govt cuts natural gas price for CNG, cooking use for first time in 2 yrs
For the first time in two years, the government has reduced the price of natural gas used for producing CNG for vehicles and cooking gas, reflecting a decline in benchmark rates. The price of natural gas from legacy fields allocated to state-owned ONGC without auction has been reduced from $6.75 to $6.41 per million British thermal units (mmBtu), according to a notification from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC). The reduction, which is the first since the government in April 2023 implemented a new formula to price such gas, will aid city gas retailers like Indraprastha Gas Ltd, Mahanagar Gas Ltd and Adani-Total Gas Ltd who had been reeling under cost pressures from rise in input cost. In April 2023, the Union Cabinet accepted an expert committee report to price on a monthly basis the gas from legacy fields, called APM gas, at 10 per cent of monthly average import price of crude oil with a floor of $4 and a cap of $6.5 per mmBtu. The cap price was to remain unchanged for two years and rise by $0.25 annually thereafter. In line with this, the cap rose to USD 6.75 per mmBtu in April. In the first two years, the price of gas using this formula ranged between USD 7.29 per mmBtu and USD 9.12 but the cap ensured that the rate were fixed at USD 6.50 per mmBtu. In April, the price according to this formula came to USD 7.26 per mmBtu but the final rate was USD 6.75 in line with higher cap. In May, the price came to USD 6.93 but was capped to USD 6.75 for consumers. Since there has been a fall in international oil prices in view of uncertain demand outlook, the Indian basket of crude oil averaged around USD 64 in May. Using this as a benchmark, the APM gas price came to USD 6.41 per mmBtu on gross calorific value (GCV) basis, according to PPAC. "For gas produced by Oil and Natural Gas Corporation/Oil India Ltd from their nomination fields, the APM price shall also be USD 6.41 per mmBtu on GCV basis" for the period June 1, 2025 to June 30, 2025, PPAC said. The fall in benchmark also means that the price of gas that ONGC produced from new wells in the APM fields would also come down. The government had allowed ONGC to charge 12 per cent of the oil price for the gas coming from new wells it drills. The higher price was to make up for the capex incurred in drilling new wells. As much as 5 million standard cubic meters per day of gas - or a 10th of all gas produced by ONGC - comes from new wells, according to industry sources. APM gas is one produced by state-owned firms Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) from fields that were given to them on nomination basis. This gas is the input that is used in the cooking gas piped to household kitchens as well as turned into CNG for running automobiles, making fertilizers and producing electricity. Prior to April 2023, the price of gas produced from fields covered under the Administered Price Mechanism (APM) regime -- which accounts for 70 per cent of domestic gas production -- was determined semi-annually based on a formula that benchmarked it to average international prices at four gas trading hubs. APM gas is provided to city gas distributors for supply to CNG and residential PNG segments, which together accounts for 60 per cent of their sales volume. Subsequent to the April 2023 decision, APM gas prices are revised on a monthly basis but subject to ceiling and floor price. The ceiling price now is USD 6.75 per mmBtu and will rise by another USD 0.25 per mmBtu in April next year. APM gas prices had seen wide fluctuations in the years running up to the April 2023 decision. From a low of USD 1.79 per mmBtu in 2021, to a high of USD 8.57 for the 6-month period ended March 2023. The rate for difficult fields like KG-D6 of Reliance Industries has been set at USD 10.04 per mmBtu for six months beginning April 1 as compared to USD 10.16 in the preceding six months period, according to PPAC.
Economic Times
01-06-2025
- Business
- Economic Times
Govt cuts APM gas price for first time in 2 years
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel For the first time in two years, the government has reduced the price of natural gas used for producing CNG for vehicles and cooking gas, reflecting a decline in benchmark price of natural gas from legacy fields allocated to state-owned ONGC without auction has been reduced from USD 6.75 to USD 6.41 per million British thermal units (mmBtu), according to a notification from the Oil Ministry's Petroleum Planning and Analysis Cell (PPAC).The reduction, which is the first since the government in April 2023 implemented a new formula to price such gas, will aid city gas retailers like Indraprastha Gas Ltd Mahanagar Gas Ltd and Adani-Total Gas Ltd who had been reeling under cost pressures from rise in input April 2023, the Union Cabinet accepted an expert committee report to price on a monthly basis the gas from legacy fields, called APM gas, at 10 per cent of monthly average import price of crude oil with a floor of USD 4 and a cap of USD 6.5 per mmBtu. The cap price was to remain unchanged for two years and rise by USD 0.25 annually thereafter. In line with this, the cap rose to USD 6.75 per mmBtu in the first two years, the price of gas using this formula ranged between USD 7.29 per mmBtu and USD 9.12 but the cap ensured that the rate were fixed at USD 6.50 per mmBtu. In April, the price according to this formula came to USD 7.26 per mmBtu but the final rate was USD 6.75 in line with higher May, the price came to USD 6.93 but was capped to USD 6.75 for there has been a fall in international oil prices in view of uncertain demand outlook, the Indian basket of crude oil averaged around USD 64 in May. Using this as a benchmark, the APM gas price came to USD 6.41 per mmBtu on gross calorific value (GCV) basis, according to PPAC."For gas produced by Oil and Natural Gas Corporation/Oil India Ltd from their nomination fields, the APM price shall also be USD 6.41 per mmBtu on GCV basis" for the period June 1, 2025 to June 30, 2025, PPAC fall in benchmark also means that the price of gas that ONGC produced from new wells in the APM fields would also come government had allowed ONGC to charge 12 per cent of the oil price for the gas coming from new wells it drills. The higher price was to make up for the capex incurred in drilling new much as 5 million standard cubic meters per day of gas - or a 10th of all gas produced by ONGC - comes from new wells, according to industry gas is one produced by state-owned firms Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) from fields that were given to them on nomination basis. This gas is the input that is used in the cooking gas piped to household kitchens as well as turned into CNG for running automobiles, making fertilizers and producing to April 2023, the price of gas produced from fields covered under the Administered Price Mechanism (APM) regime -- which accounts for 70 per cent of domestic gas production -- was determined semi-annually based on a formula that benchmarked it to average international prices at four gas trading gas is provided to city gas distributors for supply to CNG and residential PNG segments, which together accounts for 60 per cent of their sales to the April 2023 decision, APM gas prices are revised on a monthly basis but subject to ceiling and floor price. The ceiling price now is USD 6.75 per mmBtu and will rise by another USD 0.25 per mmBtu in April next gas prices had seen wide fluctuations in the years running up to the April 2023 decision. From a low of USD 1.79 per mmBtu in 2021, to a high of USD 8.57 for the 6-month period ended March rate for difficult fields like KG-D6 of Reliance Industries has been set at USD 10.04 per mmBtu for six months beginning April 1 as compared to USD 10.16 in the preceding six months period, according to PPAC.
