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Business EconomyPosted at: Nov 29 2021 8:23PM


Govt modulating subsidised LPG, retail PDS kerosene prices: MoS P&G

New Delhi, Nov 29 (UNI) Even as high prices of petrol and diesel in India amidst rising global recovery continue to burn a hole in the common man’s pocket, the Government has maintained that prices of petrol and diesel are market-determined and public sector oil marketing companies (OMCs) are taking appropriate decision on pricing of petrol and diesel in line with their international product prices, exchange rate, tax structure, inland freight and other cost elements.
Replying to a question in Rajya Sabha, Minister of State for Petroleum and Natural Gas, Rameswar Teli on Monday said that prices of petrol and diesel are market-determined with effect from 26 June 2010 and 19 October 2014 respectively, and prices of petroleum products in the country are linked to the price of respective products in the international market. However, the Government continues to modulate the effective price to consumer for subsidised domestic LPG and retail selling price of PDS kerosene, Teli told the House.
Retail prices of petrol and diesel have remained unchanged since 5 November, after a decrease in excise duty by ₹5 per litre and ₹10 a litre respectively was announced. Decrease in prices consequent to VAT rate revision by 27 States/UTs have provided further relief to consumers. Market analysts are of the view that oil in India may become cheaper if the global crudel price continue to fall further. Petrol, diesel prices in retail domestic market are decided on a 15 days rolling average. So, if the global oil price continues to fall further, then the 15-day rolling average will automatically come down leading to lowering of petrol, diesel prices in India's retail domestic market.
Recently, major oil consumers such as the US, Japan and South Korea as also India had announced releasing crude from their strategic reserves as part of a joint effort to reduce international crude oil prices. Even these announcements could not impact international prices much. However, renewed COVID-19 concerns have now brought about the desired objective.
Official data on India’s self sufficiency of crude oil and natural gas based on consumption of petroleum products shows the country’s self sufficiency in oil for the period April–October in 2018-19 was 16.20 %, in 2019-20 was 15.00 %, in 2020-21 was 15.60 and in 2021-22 it was 15 %. In the April-August period of the current year, India imported 83.8 million tonnes of crude, up from 74 million tonnes of imports in the same period last year. This is higher than 16.9 million tonnes of imports at $ 5.5 billion last year in August. India's oil Import bill stood at $ 62.7 billion in FY21.
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Tags: #Govt modulating subsidised LPG# retail PDS kerosene prices: MoS P&G
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