NEW DELHI, May 4 : India’s cooking gas LPG consumption fell by a steep 16 per cent in April as supply disruptions linked to the West Asia conflict hit availability for both household kitchens and commercial users, according to latest official data.

LPG consumption stood at 2.2 million tonnes in April, 16.16 per cent lower than 2.62 million tonnes consumed in the same period last year. The consumption was 10.5 per cent lower than the 2.45 million tonnes of LPG sales in April 2024.

It was also down month-on-month, lower than the 2.379 million tonnes of consumption in March, according to data from the Oil Ministry’s Petroleum Planning and Analysis Cell (PPAC).

India imports about 60 per cent of its LPG requirements, much of it via the Strait of Hormuz, which was effectively shut following US and Israeli strikes on Iran and Tehran’s retaliation. With supplies from Saudi Arabia and the United Arab Emirates disrupted, the government cut LPG supplies to commercial establishments like hotels and industries to safeguard household cooking gas availability.

Also, supplies to households were regulated by increasing the gap between two refills.

According to PPAC, the decline in LPG consumption in April was lower than the 12.8 per cent year-on-year fall in March.

LPG consumption had grown at a steady pace in recent years, driven by government efforts to replace firewood and other polluting fuels with cleaner alternatives.

With the war leading to airspace closure in many Gulf countries and suspension of flights, jet fuel or ATF consumption fell 1.37 per cent to 761,000 tonnes in April when compared to the previous year. It was also down month-on-month from 807,000 tonnes of sales in March.

Other than the two war-impacted fuels, diesel sales also moderated with just a 0.25 per cent rise to 8.282 million tonnes. In March, diesel sales had risen 8.1 per cent to 8.727 million tonnes.

Petrol sales were up 6.36 per cent to 3.67 million tonnes in April. The growth was lower than the 7.6 per cent rise in March to 3.78 million tonnes.

Consumption of diesel was 4.5 per cent higher than 7.925 million tonnes in April 2024. Petrol sales were 11.7 per cent higher than 3.825 million tonnes in April 2024. (PTI)

NEW DELHI, May 4 : A lightly supervised system may appear efficient for some time, because of lower costs and faster growth, but if that growth rests on weak governance, poor credit standards or hidden risks, the eventual cost is also borne by depositors as well as the wider economy, according to RBI Deputy Governor Swaminathan J.

Emphasising the importance of supervision, he said that institutions and firms cannot be understood only through reported numbers.

“… supervision must look beyond formal compliance. Compliance asks whether the rule has been followed. Supervision asks whether the underlying risk has been understood and addressed,” he said in a recent lecture.

While noting that institutions and firms cannot be understood only through reported numbers, Swaminathan said that numbers tell a story, but one must learn to ask what lies behind them.

“The audited balance sheet and information memorandum are useful, but they are not the business. The business is in the factory, on the shop floor, in the market, in the supply chain, in the quality of management, and in the decisions taken. The banker’s job is therefore not to be cynical, but to be curious,” he said.

Swaminathan delivered the 12th G Ramachandran Memorial Lecture at the Madras School of Economics in Chennai on the topic ‘Learning, Judgement and Public Purpose – Lessons from Banking’ on April 30.

The lecture was uploaded on the RBI website on Monday.

“A lightly supervised system may appear efficient for some time, because the costs are lower and growth may be faster. But if that growth rests on weak governance, poor credit standards or hidden risks, the eventual cost is borne not only by shareholders or management, but by depositors, borrowers, taxpayers and the wider economy.

“The true value of supervision lies in reducing the probability and severity of such outcomes,” the RBI Deputy Governor said.

Addressing the students, he also mentioned that banking is becoming more digital, more data-driven and more interconnected.

Credit can now be originated through platforms. Payments move instantly. Algorithms may influence lending decisions. Non-bank entities play a growing role in financial intermediation, he said.

While these changes bring enormous possibilities as they can widen access, reduce costs and improve efficiency, Swaminathan said there are also new questions.

“Is the customer being treated fairly? Is the model understandable? Is accountability clear? Are risks being recognised early enough? These questions cannot be answered by technology alone. They require judgment. They require institutional discipline. They require humility about what we do not know. And above all, they require a sense of public purpose,” he said. (PTI)