Deputy CM Shivakumar slams BJP MPs for their silence on LPG shortage in India
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Tuesday said the shortage of LPG refills has become a serious concern in the state, amid warnings from hotel owners that they may be forced to shut down operations if supplies do not improve soon.
Speaking to reporters in Bengaluru, Shivakumar said the issue must be discussed in Parliament and urged Members of Parliament to raise the matter, as the shortage was affecting businesses and the public.
"The government must discuss this in Parliament. They should allow a discussion today... From today itself, we are facing problems. There is no stock," he said.
The Deputy Chief Minister criticised BJP MPs for not speaking about the LPG shortage despite its impact on businesses such as hotels and catering establishments.
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He noted that hoteliers have already begun limiting their operations due to dwindling supplies.
"Now, because of the gas price hike and the gas shortage, people are going on strike, but the BJP MPs are not talking about it. They raise their voice on many other issues - strangely enough - but they are silent on this," he said.
Shivakumar also pointed to the rising fuel costs, saying diesel prices had recently increased sharply, adding further pressure on businesses.
According to him, the combined impact of fuel price increases and LPG supply disruptions was affecting the hospitality sector.
He said even former Prime Minister H D Deve Gowda spoke about some of the issues pertaining to Karnataka and called for discussion.
"Deve Gowda is talking about Mekedatu and Yettinahole projects. Let him direct his party MPs to talk about this (fuel shortage) in the Parliament.
It is not right for me to launch a verbal attack on him, considering his age. Let him suggest solutions for Mekedatu and Yettinahole. Let his party MLAs talk about what their party did, and I will counter it with what we have done," Shivakumar said.
Hotel associations in the state have warned that continued supply shortages could force establishments to temporarily shut down, particularly those dependent on commercial LPG cylinders for daily cooking. The Deputy Chief Minister indicated that the issue required urgent attention at the national level, as LPG supply and pricing fall under the Centre's purview.
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Rupee plunges 28 paise to settle at 93.44 against US dollar
Mumbai (PTI): The rupee declined 28 paise to close at 93.44 against the US dollar on Tuesday, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.
Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.
The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.
Under revised directives, authorised dealers or banks can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but must comply with certain restrictions on related-party transactions. Also, the USD 100-million cap in net open position is still effective.
At the interbank foreign exchange market, the rupee opened at 93.25 and fell to an intra-day low of 93.63 before ending the session 28 paise lower at 93.44 against the greenback.
On Monday, the rupee settled with a loss of 25 paise at 93.16 against the US dollar. The currency had gained 47 paise in the preceding two sessions.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said the rupee fell on uncertainty over US-Iran talks and a surge in crude oil prices. A strong dollar also pressured the rupee; however, positive global markets cushioned the downside.
"Traders may take cues from retail sales and ADP employment change data from the US. USD-INR spot price is expected to trade in a range of Rs 93.30 to Rs 93.90," Choudhary said.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee traded weaker as recent RBI adjustments and partial rollback of earlier currency-support measures added pressure on the local unit.
"At the same time, the dollar remains steady while crude and gold are relatively stable, with markets closely watching the outcome of US-Iran ceasefire developments expected tomorrow. The rupee is likely to remain highly event-driven, with direction dependent on geopolitical clarity and RBI stance," Trivedi said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 98.09.
Brent crude, the global oil benchmark, was trading 0.70 per cent down at USD 94.81 per barrel in futures trade.
Analysts attributed the volatility in crude prices to persistent worries over disruptions of supplies of oil from the Strait of Hormuz. Also, the ceasefire agreement between the United States and Iran is scheduled to expire on Wednesday.
In a latest development, Iran's chief negotiator on Tuesday said Tehran would not negotiate in the face of threats, while US President Donald Trump hinted that he was in no rush to end the conflict with Iran.
In the domestic equity markets the 30-share Sensex rose 753.03 points, or 0.96 per cent, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87 per cent, to 24,576.60.
Foreign Institutional Investors offloaded equities worth about Rs 1,918.99 crore on Tuesday, according to the exchange data.
