Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday announced the cooking gas prices have been revised with the rise of ₹50 per cylinder. While the revised rates would be applicable for general category consumers as well as beneficiaries under the Pradhan Mantri Ujjwala Yojana, basic domestic supply charge (BSDC) rates would be standardised across all states.
Given that there was a price revision, compared to what it was before, the cost of a standard 14.2-kg LPG cylinder for general customers will now be ₹853, up from ₹803. The price, however, will go up for Ujjwala scheme beneficiaries from ₹503 to ₹553 per cylinder.
Additionally, Puri addressed the concerns about a recent notification on an increase in excise duty on petrol and diesel, when he addressed the media. The hike would not be passed on, he assured. On record, he clarified that the excise duty revision did not mean retail prices of petrol and diesel would be hit.
Global crude oil price is about $60 per barrel now and it’ll come gradually down in the prices of domestic fuel: Puri. “We have oil marketing companies and theoretically, they have inventories of 45 days, etc.” In January, crude prices were at $83 per barrel and dropped to $75. He went on to explain that the average valuation of the current inventory is about $75 per barrel.
Normalising petrol and diesel prices with international trends is expected, said the Union Minister. He added that OMCs are expected to readjust retail prices in a deregulated fuel market in line with crude movement on the global market.
LPG prices are also being revised at a time when the broader cost of living and inflation issues are simmering. But its fuel-priced reassurance is meant to ease the blow on household budgets.
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