Petrol Diesel Price: After LPG, Government plans to reduce petrol-diesel price

After reducing the price of LPG cooking gas cylinders, the government is considering lowering the price of petrol-diesel. If the government takes this step, the middle-class common people will benefit greatly during the holiday season. Oil prices have not fallen in the international market. However, the central government has decided to give a subsidy of 200 rupees per cylinder in the price of LPG cylinders, which has greatly benefited people. This benefit has been doubled for Ujjwala Yojana recipients. Under the yojana, people can save Rs. 400 on each cylinder.

Lower petrol and diesel prices can help people combat inflation. The big question is why the government has announced a massive subsidy on LPG gas prices despite no decline in international oil prices. An energy matters expert explains, international oil prices have been high for a long time. Because of international factors, oil prices have fallen and are now hovering around $80 per barrel. However, despite the drop in oil prices, oil companies have not reduced the prices of gasoline and diesel. This has given them the advantage of being able to strengthen their balance sheet. Oil companies’ balance sheets are in better shape right now. This is why the government is now contemplating lowering oil prices. This is an option available to the government.

The general public will benefit from lower cylinder prices by purchasing less expensive cooking gas. Similarly, lowering the prices of petrol and diesel will provide enough relief to the general public. Petrol and diesel prices are two examples of commodities whose prices are directly affected by the prices of other commodities. A drop in prices will almost certainly result in a drop in truck freight rates. This reduced the cost of goods. If the price of gasoline and diesel falls, the price of other commodities will fall as well, benefiting our consumers.

The government’s primary concern at the moment is combating inflation. However, if the government lowers the prices of gasoline, diesel, and gas and this has an impact on other commodities, it will have a significant impact on inflation. This will aid in reducing inflation.

On March 1, 2023, the government oil companies changed the domestic LPG cylinder price. Petroleum companies raised the price of a 14.2 kg domestic cylinder by Rs.50 on March 1, 2023. Following this, domestic gas cylinder prices in the country have remained stable.

14.2 kg Domestic Gas Cylinder price

Cities Previous Price Current Price
Delhi 1103 903
Mumbai 1102.5 902.5
Kolkata 1129 929
Chennai 1118.5 918.5
Bangalore 1105.5 905.5
Chandigarh 1112.5 912.5
Patna 1201 1001
Lucknow 1140.5 940.5
Bhopal 1108.5 908.5
Jaipur 1106.5 906.5
Ahmedabad 1110 910
Shimla 1147.5 947.5

 

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