India Boosts LPG Allocation Amid Global Energy Crisis
Increased LPG Allocation for States
The Indian government has decided to raise the commercial LPG allocation for states to 70%. This includes a 20% allocation specifically for industries such as steel, automobiles, textiles, and other labor-intensive sectors, as stated by Hardeep Singh Puri, the Minister of Petroleum and Natural Gas. While many countries are implementing strict fuel conservation measures, India, under the leadership of Prime Minister Narendra Modi, continues to maintain energy security, availability, and affordability.
According to the government directive, states have already received 40% of their pre-crisis LPG quota, with an additional 10% allocated based on the achievement of specific reforms aimed at promoting PNG. In response to the escalating global crude oil crisis, the central government has also reduced the Special Additional Excise Duty on petrol and diesel by Rs 10 per litre, lowering the duty on petrol to Rs 3 and eliminating it for diesel.
Puri emphasized that this decision reflects a commitment to absorb financial burdens rather than passing them onto citizens. He noted that Prime Minister Modi chose to shield Indian citizens from international price volatility by absorbing the financial impact instead of drastically increasing prices, as many other nations have done.
On Thursday, the government reassured that India has approximately 60 days' worth of oil stock, dismissing reports of shortages as a deliberate misinformation campaign intended to incite panic buying. Puri also acknowledged Finance Minister Nirmala Sitharaman for her role in reducing taxation revenues to mitigate the significant losses faced by oil companies, which are around Rs 24 per litre for petrol and Rs 30 per litre for diesel.
In a recent post, Puri expressed gratitude to Prime Minister Modi and Finance Minister Sitharaman for their timely and bold decisions in this challenging economic climate.
No Lockdown Plans in India
Union Minister Hardeep Singh Puri has also addressed rumors regarding a potential lockdown in India, stating that these claims are entirely unfounded and that there are no such proposals being considered by the government. He assured citizens that the government is vigilantly monitoring the global situation and is prepared to take necessary actions to ensure the continuous availability of fuel, energy, and other essential supplies.
Puri highlighted India's resilience in navigating global uncertainties and reiterated the government's commitment to acting proactively and in coordination to address emerging challenges. He urged the public to remain calm, responsible, and united during these times.