New Delhi, March 24: India has been the only major economy in the world where the prices of petrol and diesel have come down in recent years, the government told the Parliament on Monday, adding that it is closely monitoring global energy markets as well as potential energy supply disruptions as a fall-out of the evolving geopolitical situation.

To ensure security of crude supplies and to mitigate the risk of dependence on crude oil from single region, public sector undertakings (PSUs) have diversified their petroleum import basket and are procuring crude from countries located at various geographical locations.

Domestically, petrol and diesel prices have come down to Rs 94.77 and Rs 87.67 per litre respectively (Delhi prices) as a result of various steps taken by the government and PSU oil marketing companies (OMCs), Minister of State for Petroleum and Natural Gas, Suresh Gopi, told the Rajya Sabha in a written reply.

The Central excise duty was reduced by the government by a total of Rs 13 per litre and Rs 16 per litre on petrol and diesel, respectively, in two tranches in November 2021 and May 2022, which was fully passed on to consumers.

Some state governments also reduced state VAT rates to provide relief to citizens. In March 2024, OMCs reduced the retail prices of petrol and diesel by Rs 2 per litre each.

India imports about 60 per cent of the domestic LPG consumed. Price of LPG in the country is linked to its price in the international market.

"While the average Saudi CP (international benchmark for LPG pricing) rose by 63 per cent (from US$385/MT in July 2023 to US$629/MT in February 2025), the effective price for Pradhan Mantri Ujjwala Yojana (PMUY) consumers for domestic LPG was reduced by 44 per cent (from Rs. 903 in August 2023 to Rs 503 in February 2025)," the minister said.

The retail selling price of a 14.2 kg domestic LPG cylinder is currently Rs 803 in Delhi. After a targeted subsidy of Rs 300/cylinder to PMUY consumers, the government is providing 14.2 Kg LPG cylinders at an effective price of Rs 503 per cylinder (in Delhi).

"This is available to more than 10.33 crore Ujjwala beneficiaries, across the country," the minister said, adding that the PMUY provides domestic LPG to more than 100 million poor households at an effective price of just about Rs 35/kg. (IANS)

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