LPG Subsidy Extended: Union Minister Shares Government’s Decision
LPG Subsidy Extended: Union Minister Shares Government’s Decision
Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, addressed media in Delhi, elucidating matters related to the Ministry of Petroleum and Natural Gas.
During the press briefing, Minister Puri highlighted Prime Minister Narendra Modi’s recent decision to slash LPG cylinder prices by Rs 100, marking International Women’s Day with this announcement.
The decision, initially set to conclude on March 31, was extended till 2024-25 during a cabinet meeting on Thursday, as disclosed by PM Modi.
Minister Puri underscored the significance of this move, emphasizing its impact on millions of households across the nation, making LPG cylinders more accessible and affordable.
He provided historical context, indicating the scarcity of LPG cylinders in India since their introduction in the 1950s, with only 14 crore cylinders available to date.
Reflecting on the implications of this scarcity, Minister Puri criticized what he termed as “irresponsible policy-making,” pointing out challenges in pricing and subsidy distribution.
Furthermore, Minister Puri delved into the composition of LPG cylinders, explaining its derivation from crude oil, of which approximately 85% used by Indian refineries is imported due to domestic production limitations.
He highlighted the government’s strategy during fluctuations in international crude oil prices, noting a controlled increase in domestic prices by 70%, with the remainder absorbed.
Minister Puri also touched upon the reduction in petrol and diesel prices in November 2021 and May 2022, illustrating the broader dynamics of energy production, import dependence, and consumer pricing policies.
His insights provide valuable context for understanding the complexities of India’s energy landscape, offering clarity on the challenges and opportunities therein.
