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Business Economy


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. Subsidy on domestic LPG varies from market to market and the applicable subsidy is transferred directly to the bank account of beneficiary upon purchase of refill at non-subsidised price. The subsidy burden is borne by the Government.
As per official data, during April-September, 2021, OMCs have sold 12308 TMT and 995 TMT of packed domestic and packed NDNE LPG respectively in the country, which works out to 47.4 lakh of 14.2 kg and 2.9 lakh of 19 kg cylinders per day respectively. Revenue from domestic as well as non-domestic LPG cylinders varies from month to month as the retail selling prices are notified by OMCs on the prices of the product in the international oil market and exchange rate of currencies. However, the Government levies 5 % GST on domestic LPG and 18 % on non-domestic LPG.
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 crude 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.
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. Interestingly, India's oil Import bill stood at $ 62.7 billion in FY21.
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