On the very first day of July, a lot of relief has been showered on the people of the country. Where a decline in the prices of commercial gas cylinders was seen in the morning. On the other hand, the country’s largest fuel company Naira cut the prices of petrol and diesel. Which indicated that government companies may also cut fuel prices soon in the coming days.
At the same time, the government gave a lot of relief to the airlines companies by reducing the prices of jet fuel. Due to which there may be a reduction in air fares also. By afternoon, GST collection gave a further sigh of relief to the country. Also, the stock market gave a tremendous opportunity to more than 20 crore investors to earn. Sensex has seen a rise of more than 600 points. Let us also give you detailed information about all these reliefs…
Prices of commercial gas cylinders reduced
The price of 19 kg commercial LPG cylinder used in hotels and restaurants was reduced by Rs 183.50 on Wednesday. This year its price has been reduced for the first time. According to oil companies, now a 19 kg commercial LPG cylinder will be available for Rs 2,930. The prices were continuously increased after the global energy supply was disrupted due to the West Asia crisis.
Due to the rise in crude oil prices, the price of 19 kg commercial LPG cylinder had increased to an all-time high of Rs 3,113 last month. Commercial LPG prices are reviewed on the 1st of every month based on the average benchmark price of the previous month. On the other hand, the price of 14.2 kg domestic LPG cylinder remained unchanged at Rs 942. Its price was last increased by Rs 29 on June 7.
ATF prices fall
Amid softening of crude oil prices in the global market, the price of aviation fuel (ATF) was reduced by Rs 5 per liter on Wednesday. According to industry sources, the price of aviation fuel (ATF) in Delhi has now reached Rs 110 per liter. This is the first cut after aviation fuel prices reached a record high due to the West Asia crisis. The government last month launched the ATF Price Stabilization Scheme, under which participating airlines can buy aviation fuel at a fixed rate of Rs 115 per litre.
Airlines not participating in this scheme will purchase fuel at current market rates only. Under this arrangement, if benchmark ATF prices go above the base price of Rs 86.32 per litre, the government will give interest-free advances to oil marketing companies to compensate the difference. When prices are below the base, the excess amount will be recovered and deposited in the Consolidated Fund.
At present it is not clear how many airlines have participated in this scheme. According to industry sources, the ATF price of Rs 110 per liter is for domestic airlines. State oil retailers revise ATF and commercial LPG prices on the 1st of every month based on the average international benchmark and foreign exchange rates of the previous month.
Naira made petrol and diesel cheaper
The country’s largest private fuel retail company Nayara Energy has reduced the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter across the country. This cut was made amid the fall in international oil prices due to easing of tensions in West Asia. For the first time in the last two years, any company has cut the retail prices of fuel. The supply of crude oil and LNG has been restored due to relatively less tension in West Asia and reopening of an important sea route. This reduced the possibility of supply disruption and global crude oil prices fell.
Industry sources said the revised rates have been implemented at more than 7,000 Naira petrol pumps across the country. Prices at petrol pumps vary across states due to local taxes such as Value Added Tax (VAT). However, public sector fuel retailer companies have not made any change in the prices. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) did not announce any revision in prices.
Tremendous increase in GST collection
The total collection of Goods and Services Tax (GST) increased by 14 percent in June to about Rs 1.95 lakh crore. The main reason for this was the increase in tax collection from imports and domestic supplies. According to the data, gross collections from domestic transactions increased by 6.5 percent to about Rs 1.35 lakh crore. This includes Central GST (CGST), State GST (SGST) and Integrated GST (IGST) of Rs 37,376 crore, Rs 45,116 crore and Rs 52,282 crore respectively. GST revenue from imports increased by 34.6 percent to Rs 60,038 crore in June. According to the data, total refunds increased by 29.1 percent in June to Rs 32,436 crore. After adjusting refunds, net GST collection increased by 11.2 percent in June to more than Rs 1.62 lakh crore.
stock market boom
On the other hand, the stock market also left no stone unturned in earning money for the common investors. Bombay Stock Exchange’s main index Sensex rose by 631 points to reach the day’s high of 77,110.08 points. Whereas in the morning it opened with a fall at 76,545.21 points. If we look at the data, the stock market closed at 76,922.64 points with a rise of 444 points. On the other hand, the main index of National Stock Exchange, Nifty, rose by more than 180 points and reached the day’s high at 24,049.90 points. However, Nifty opened with a slight fall at 23,897.65 points. However, Nifty closed at 24,005.85 points with a gain of 140.10 points.
