This passage discusses recent developments in fuel pricing in India, particularly in relation to liquefied petroleum gas (LPG), petrol, and diesel. Here’s a breakdown of the key points:
1. Reduction in LPG Prices: On International Women’s Day, Prime Minister Narendra Modi announced a significant reduction of Rs 100 per cylinder in LPG prices. This decision is aimed at benefiting approximately 33 crore households in India that use LPG for cooking purposes.
2. Reduction in Petrol and Diesel Prices: Ahead of the announcement of the Lok Sabha election schedule, the Central government decided to slash prices of petrol and diesel by Rs 2 per litre. This move follows speculation fueled by recent cuts in LPG and compressed natural gas (CNG) prices, indicating a possible reduction in petrol and diesel prices as well.
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3. Petroleum Minister’s Statement: Petroleum Minister Hardeep Singh Puri commented on the reduction in petrol and diesel prices, attributing it to Prime Minister Narendra Modi’s commitment to the welfare and convenience of Indian citizens. He highlighted that despite challenges such as the global oil crisis, petrol prices in India have decreased by 4.65% over the past two and a half years.
4. Current Prices: As of March 14, the average price of petrol in India was Rs 94 per litre, while diesel was priced at Rs 87 per litre.
5. Challenges Faced by Oil Marketing Companies (OMCs): Puri mentioned that the decision to reduce retail prices of petrol and diesel needs careful consideration due to various factors such as volatility in the global energy market, geopolitical challenges, and the financial health of OMCs. He indicated that OMCs are still grappling with under-recoveries on diesel sales, though he didn’t provide specific figures.
6. Ministerial Announcement: Petroleum Minister Hardeep Singh Puri lauded the decision to reduce petrol and diesel prices, attributing it to Prime Minister Narendra Modi’s commitment to the welfare and convenience of Indian citizens. He also highlighted a 4.65% decrease in petrol prices over the past two and a half years.
7. Current Fuel Prices: As of March 14, the average price of petrol stands at Rs 94 per litre, while diesel is priced at Rs 87 per litre.
Overall, the government’s decision to reduce LPG, petrol, and diesel prices appears to be aimed at providing relief to consumers, particularly in the context of upcoming elections. However, it also acknowledges the complexities and challenges faced by OMCs in maintaining profitability amidst fluctuating global energy dynamics.