ATF price cut 5.8 pc; commercial LPG rate hiked by Rs 101.5
New Delhi: Jet fuel or ATF price on Wednesday was cut by almost 6 per cent after four rounds of monthly increases since July, while commercial cooking gas (LPG) rates were raised by a steep Rs 101.5 per 19-kg cylinder in line with international benchmarks.
However, the price of domestic LPG - used in household kitchens for cooking purposes - remained unchanged at Rs 903 per 14.2-kg cylinder.
Aviation turbine fuel (ATF) price was cut by Rs 6,854.25, or 5.79 per cent, in the national capital to Rs 1,11,344.92 per kl from Rs 1,18,199.17, according to a price notification of state-owned fuel retailers.
The price cut comes on the back of four rounds of increases, the last on October 1, when rates were hiked by Rs 5,779.84 per kl or 5.1 per cent. Prior to that ATF prices had gone up by the steepest-ever 14.1 per cent (Rs 13,911.07 per kl) on September 1, and 8.5 per cent or Rs 7,728.38 per kl on August 1.
On July 1, the ATF price had gone up by 1.65 per cent or Rs 1,476.79 per kl. In four increases, ATF prices have gone up by a record Rs 29,391.08 per kl.
Wednesday's cut in prices of jet fuel, which makes up for 40 per cent of an airline's operating cost, will ease the burden on already financially strained airlines.
Alongside, oil firms raised the price of commercial LPG - used in various establishments such as hotels and restaurants - by Rs 101.50. A 19-kg commercial LPG cylinder will now cost Rs 1,833 in the national capital and Rs 1,785.50 in Mumbai.
This is the second straight monthly increase in rates. Prices were hiked by a steep Rs 209 per 19-kg cylinder on October 1.
Saudi contract price (CP), the benchmark used for pricing of LPG, has increased following a firming-up trend in crude oil prices witnessed in the last few weeks' oversupply concerns.
Oil companies, which had on August 30, cut domestic LPG rates by Rs 200 per 14.2-kg cylinder, did not change the price of 14.2-kg cylinders.
State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas and ATF prices on the 1st of every month, based on the average international price in the previous month.
Petrol and diesel prices continued to remain on freeze for a record 19th month in a row. Petrol costs Rs 96.72 per litre in the national capital, and diesel comes for Rs 89.62 per litre.
State-owned fuel retailers are supposed to revise petrol and diesel prices daily, based on a 15-day rolling average of benchmark international fuel prices, but they haven't done that since April 6, 2022.
Prices were last changed on May 22, when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices.
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Minister Patil chairs industry meetings to chart growth for key sectors in Karnataka
Bengaluru (PTI): Karnataka Minister M B Patil on Tuesday chaired meetings with industry representatives from the aerospace and defence, machine tools, auto/EV, and green energy sectors to discuss sector growth and government support measures.
The meetings were attended by leading industrialists and their representatives, with some participating virtually.
Speaking on the occasion, the minister for Large and Medium Industries said Karnataka is at the forefront of the country’s aerospace and defence sectors.
He noted that Suzuki and Toyota plan to launch aerial taxi services in Japan by 2028, with Bengaluru-based Sasmos supplying electrical equipment for the project.
Industrialists suggested introducing similar “fly-taxi” services in Karnataka through an appropriate policy, which Patil said would be examined seriously.
The minister highlighted the need to establish testing centres and Common Facility Centres for the aerospace and defence industries and assured that these facilities would be provided.
Suggestions were also made to prepare a comprehensive roadmap for sector growth.
Karnataka has urged the Central Government to approve Defence Corridor projects in the Bengaluru North–Kolar–Chikkaballapur and Dharawada–Vijayapura–Belagavi regions.
Industrialists also suggested a corridor between Bengaluru and Mysuru, Patil said.
He said Karnataka aims to become a hub for defence electronics manufacturing, with plans to establish a 200-acre Defence Electronics Park and a 100-acre Avionics and Sensor Park.
These projects will be implemented once the Special Investment Region is operational, and land availability will not be an issue.
On the machine tools sector, Patil said the industry has recorded an annual turnover of Rs 36,500 crore and is witnessing steady growth.
Large-scale exhibitions have increased demand, and the state must strengthen its capabilities to develop control systems for heavy machinery. One testing unit is already operational in Bengaluru, with another planned for Tumakuru. Expansion of vocational training institutes in industrial areas is also underway.
In the Auto and EV sector, Vision Group members highlighted the need for a network of dry ports and more EV charging stations across the state.
Patil noted that the Tata Group is manufacturing EV buses in Dharawada for nationwide supply. Plans for mini excavator production and export facilitation were also discussed, along with the establishment of a testing facility for two-wheeler EVs.
For the Green Energy sector, the group emphasised the need for a suitable policy on battery-based energy storage and the establishment of data centres.
Patil assured that the government will seriously consider all suggestions and respond positively.
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