Union Minister Hardeep S Puri announces one-year extension of LPG subsidy
Union Minister Hardeep S Puri announces one-year extension of LPG subsidy

Delhi: Union Minister Hardeep Singh Puri, responsible for Petroleum and Natural Gas, addressed the media in Delhi on Saturday to discuss matters concerning the Ministry. He highlighted Prime Minister Narendra Modi's recent decision to slash LPG cylinder prices by Rs 100, revealed on International Women's Day.

During the press briefing, Minister Puri revealed that during Thursday's cabinet meeting, PM Modi declared the extension of LPG cylinder subsidy, which was set to end on March 31, till 2024-25.

This decision is hailed as a significant step towards ensuring the accessibility and affordability of LPG cylinders for millions of households nationwide. Minister Puri provided historical context, pointing out that despite LPG cylinders being introduced in the 1950s, their availability remained scarce, with only 14 crore cylinders in the country after over six decades.

Minister Puri criticized past policy-making, attributing the scarcity of LPG cylinders to irresponsible governance, which consequently affected pricing and subsidy distribution.

Furthermore, Minister Puri elucidated the composition of LPG cylinders, explaining their derivation from crude oil. He highlighted India's heavy reliance on imported crude oil, accounting for approximately 85% of the crude used by Indian refineries due to limited domestic production.

The Minister also addressed fluctuations in international oil prices, highlighting the government's efforts to stabilize domestic prices by absorbing a portion of the increases. He noted a decrease in prices from September 2021 to September 2023, indicating stability in availability despite international price fluctuations.

Minister Puri's insights underscore the intricate relationship between domestic energy production, import dependence, and consumer pricing policies. His remarks provide valuable context for understanding the challenges and opportunities within India's energy landscape.

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