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Sunday, July 21, 2024

Lower LPG Prices Will Stay This Way; See What Union Minister Hardeep Singh Puri Says

<p><strong>New Delhi:</strong> Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said today in a media conference that the LPG cylinder price subsidy will continue till March 31, 2025. The union minister clarified a few issues pertaining to his department. Significantly, Minister Puri brought out the recent action taken by Prime Minister Narendra Modi on International Women’s Day, in which he drastically reduced the cost of LPG cylinders by a whopping Rs 100.</p>
<p><img decoding=”async” class=”alignnone wp-image-493248″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-lower-lpg-prices-will-stay-this-way-see-what-union-minister-hardeep-singh-puri-say.jpg” alt=”theindiaprint.com lower lpg prices will stay this way see what union minister hardeep singh puri say” width=”1203″ height=”902″ title=”Lower LPG Prices Will Stay This Way; See What Union Minister Hardeep Singh Puri Says 3″></p>
<p>“On International Women’s Day, PM Narendra Modi conveyed this significant decision of reducing the price of LPG cylinders by Rs 100,” said Union Minister of Petroleum and Natural Gas Hardeep Singh Puri. PM Modi said that the LPG cylinder subsidy, which was set to expire on March 31, would be extended till 2024–2025 at the cabinet meeting on Thursday.</p>
<p>“Today, on Women’s Day, our government has decided to reduce LPG cylinder prices by Rs. 100,” said Prime Minister Modi in his announcement of the hike in the LPG subsidy on television yesterday. This will aid our Nari Shakti in particular by greatly reducing the financial load on millions of families nationwide.</p>
<p>Minister Puri Highlighted Decision Significance<br />
Minister Puri emphasized the importance of this choice and how it would affect millions of homes nationwide in terms of LPG cylinder pricing and accessibility. He gave the background information, pointing out that while LPG cylinders had been around since the 1950s, just 14 crore of them were accessible in India, a sign of their scarcity, even after more than 60 years.</p>
<p>LPG cylinders became accessible in the 1950s, according to Miister Puri. There were hardly 14 crore LPG cylinders in the nation after more than 60 years. It indicates that LPG cylinders were in short supply.</p>
<p>In light of the consequences of the LPG cylinder shortage, Minister Puri denounced what he called “irresponsible policy-making,” contending that difficulties with pricing and subsidy distribution resulted from a lack of sufficient supply.</p>
<p>In the absence of LPG cylinders, price and subsidies were also nonexistent. I refer to this as reckless policy-making,” Minister Puri said.</p>
<p>Minister Puri also went into detail on the ingredients of LPG cylinders, stating that crude oil is the source of liquefied petroleum gas (LPG). He emphasized the heavy dependence on imported crude oil, stating that because of constraints on indigenous production, almost 85% of the crude oil utilized by Indian refineries is imported.</p>
<p>“Now, what goes into this cylinder?” Minister Puri said. petroleum-based liquefied gas. Where is the source of liquefied petroleum gas? is composed of crude oil. How much crude is produced locally and how much is imported in India? Allow me to estimate for you: Eighty-five percent of the oil that enters our refineries on a market that is expanding is imported.</p>
<p>Prices for LPG in India and Abroad<br />
“We only let the local price to increase by 70% in response to the increase in foreign pricing; the remaining amount was absorbed. We are currently using September 2021–September 2023. In Delhi, prices decreased by 4.56% over this time. There were no problems with the availability for us. To create gasoline and diesel, crude oil must be refined in a refinery. November 2021 and May 2022 saw price reductions for gasoline and diesel, respectively, the minister said.</p>
<p>The Minister’s comments also clarified the complex interactions that exist between import dependency, consumer price policies, and local energy output. Notably, the Minister Puri’s perceptions into the mechanics of LPG price and supply provide important background information for comprehending the larger prospects and difficulties in India’s energy sector.</p>

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