The Union government on August 29 announced that the cost of all LPG cylinders has been slashed by Rs 200 across the country in all markets. This decision was made due to high inflation and prior to general and state elections.
This change will come in effect from August 30, the first change in the price of LPGs in the last six months. In March, the price of a 14.2 kg LPG cylinder was increased by Rs 50. Before this, its price was raised in July 2022.
Prime Minister Narendra Modi posted on his official X account that this move was a gift to all the women of this nation on the occasion of Raksha Bandhan. “Our government will always do everything possible that improves people’s quality of life and benefits the poor and middle class,” he added.
It has been noted that in July, the annual retail inflation in India hit a 15-month high of 7.44 per cent and food price inflation reached 11.5 per cent.
Indian Finance Minister Nirmala Sitharaman commented last week on the current priority of the government to control inflation and ensure stable growth of the economy. As a result, the sales of subsidized vegetables like onion and tomato have been escalated. Added to that, sugar mills have been allowed to increase their sales. To control the domestic price, the government has imposed a customs duty of 40 per cent on onion exports.
It is to be noted that the latest reduction in the price of LPG cylinders comes as an addition to the existing subsidy of Rs 200 per cylinder to Pradhan Mantri Ujjwala Yojana. The government will be spending Rs 4,000 crore as added expenses for the subsidy on cooking gas.
Petroleum and Natural Gas Minister Hardeep Singh Puri informed that the objective behind the reduction of cooking gas prices is to provide a much needed relief to individuals and families alike, along with the government’s goal of ensuring that essential items are affordable for the general public.
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