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According to CNBC-Awaaz, a day after the Centre announced a Rs 200 price cut for 14 kilogram liquefied petroleum gas (LPG) cylinders. It has clarified that the recent compensation or subsidies would not extended to oil marketing companies (OMCs).
According to insiders, evaluating the cost impact of the price decrease would be difficult at the moment due to the greater headroom space enjoyed by OMCs on LPG. Furthermore, the Centre will allegedly assess the situation in light of consumption trends and overseas pricing before making a more general decision on price changes.
Furthermore, sources indicated that the newest subsidy offered is restricted to 75 lakh new Ujjwala connections. The Central Government has announced that it will grant 75 lakh new free gas connections to clear applications related to the Pradhan Mantri Ujjwala Yojana (PMUY). Bringing the total number of PMUY beneficiaries to 10.35 crore.
How much LPG price dropped?
The price drop announced for LPG cylinders is Rs 400 – Rs 200 as a price cut and Rs 200 as an existing subsidy – for Ujjwala plan recipients. Meanwhile, non-Ujjwala customers would only receive a Rs 200 price reduction.
On August 29, the Union Cabinet announced a cut in LPG prices for the country’s 330 million consumers. Beginning August 30.
On the microblogging service X, previously Twitter. Minister of Petroleum and Natural Gas Hardeep Singh Puri termed the new move “a bold step” on August 29. Congratulating the Narendra Modi-led administration for implementing the latest price cuts for LPG cylinders.
Domestic LPG now costs Rs 1,103 every 14.2 kilogram cylinder in New Delhi. LPG rates recently changed on March 1, with a Rs 50 per cylinder increase. It would cost Rs 903 for non-Ujjwala customers and Rs 703 for Ujjwala recipients as of August 30.
The Union Budget for fiscal 2024 allotted Rs 30,000 crore for capital assistance to state-owned oil refineries.
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