FINWIRES · TerminalLIVE
FINWIRES

India Defends INR29 Increase in LPG Prices

By

The Ministry of Petroleum & Natural Gas has defended a recent 29-Indian-rupee increase in domestic liquefied petroleum gas (LPG) prices, saying Indian households still pay among the lowest cooking gas rates globally.

The defense came after opposition parties criticized the price hike, which went into effect Sunday.

The cost of a standard 14.2-kg LPG cylinder in Delhi has risen to 942 rupees from 913 rupees following the latest price hike.

This marks the second major hike since the Middle East conflict began in February, following a 60-rupee increase on March 7.

LPG cylinders are mainly sold by oil marketing companies, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547).

Related Articles

Asia

Hong Kong Johnson Warns of Up to 90% Drop in Full-Year Profit

Hong Kong Johnson (HKG:1955) expects an 85% to 90% decline in attributable profit for the year ended March 31 from HK$16 million a year prior, according to a Friday Hong Kong bourse filing.The janitorial services provider's revenue is expected to jump between 82% and 87% from HK$1.84 billion in the prior-year period.The firm attributed the profit forecast to higher costs amid sustained geopolitical tensions and rising oil prices, as well as downward pressure on the gross profit margin of the cleaning services sector due to intense competition.

$HKG:1955
Asia

Muyuan Foods' Finished Hog Sales Up 7.4% in May

Muyuan Foods (HKG:2714, SHE:002714) sold nearly 6.9 million finished hogs in May, up 7.4% year on year, according to a Hong Kong bourse filing Friday.The average selling price of finished hogs was around 9.80 yuan per kilogram, representing a year-on-year decrease of 33%.The company generated 8.57 billion yuan in sales from finished hogs during the month, down 30% from a year prior.The lower selling price and sales revenue of finished hogs were mainly due to fluctuations in hog market conditions.

$HKG:2714$SHE:002714
Asia

Zhongliang Logs 550 Million Yuan in May Contracted Sales

Zhongliang (HKG:2772) recorded contracted sales of around 550 million yuan in May, with a gross floor area (GFA) of 58,000 square meters, according to a Friday Hong Kong bourse filing.The property firm's average selling price for the month stood at approximately 9,500 yuan per square meter.For the five months ended May 31, contracted sales and GFA reached roughly 3.12 billion yuan and 319,000 square meters, respectively, with an average selling price of 9,800 yuan per square meter.

$HKG:2772