Top headlines: LPG price hiked; govt clarifies on discom loss levels

Business Standard brings you the top headlines this evening

Speculations of discom loss levels at Rs 90,000 cr grossly inflated: Govt

The Ministry of Power said on Wednesday that reports about power distribution companies (discoms) achieving loss levels of Rs 90,000 crore in FY2021 seem to be grossly inflated.

Media reports relying on this misleading projected figures of discom losses by ICRA do not take into cognizance the fact that under the current regulatory system of electricity tariff determination, a mechanism of true-up's already exists that would allow recoveries of losses arising due to change in consumer category-wise consumption patterns coming with Covid induced lockdowns to be covered through tariffs in the subsequent year. Read more

Domestic LPG price hiked by Rs 25 a cylinder, to cost Rs 859 in Delhi NCR

The price of a domestic (14.2 kilogram) Liquefied Petroleum Gas (LPG or cooking gas) cylinder was hiked by Rs 25 apiece on Tuesday. After the hike, a domestic cylinder would now cost Rs 859 apiece in the national capital.

The price has been hiked in similar proportion across the country. Read more

Union Cabinet okays Rs 11,040-cr National Mission on Edible oils-Oil Palm

The Cabinet on Wednesday approved the National Mission on Edible Oils Oil Palm (NMEO-OP) with a financial outlay of Rs 11,040 crore to promote the domestic cultivation of oil palm in the next five years, and reduce the country's dependence on edible oil imports.

The decision comes after Prime Minister Narendra Modi announced the new central scheme on August 15 during his Independence Day speech at Red Fort. Read more

Afghanistan low on dollars with currency reserves stuck abroad

Afghanistan's currency reserves are mostly held in foreign accounts and are probably inaccessible to Taliban rulers, leaving the country desperately low on dollars, Ajmal Ahmady, who led the central bank until the capture of Kabul, said.

Da Afghanistan Bank (DAB) controlled about $9 billion, some $7 billion of which was held as a mixture of cash, gold, bonds and other investments at the U.S. Federal Reserve, Ahmady, the acting governor, who has now fled Afghanistan, said on Twitter. Read more