A record leap: LPG cylinder now used by 89% households in India

Free LPG Cylinders Delivered to 4.50 Crore Beneficiaries Amid Lockdown: Pradhan

According to Minister for Petroleum and Natural Gas, Mr Dharmendra Pradhan, free cooking gas (Liquified Petroleum Gas or LPG) cylinders have been delivered to 4.50 crore beneficiaries in one month till April 30 to provide relief amidst COVID-19 lockdown.

According to Minister for Petroleum and Natural Gas, Mr Dharmendra Pradhan, free cooking gas (Liquified Petroleum Gas or LPG) cylinders have been delivered to 4.50 crore beneficiaries in one month till April 30 to provide relief amidst COVID-19 lockdown.

He was addressing a Facebook Live interaction on the challenges and measures to overcome COVID-19, India has tried to make the most of the unprecedented drop in crude oil prices.

He said, “Up to 60 lakh LPG cylinders are delivered every day by the distributors. They even risk their lives to deliver these cylinders in red zones.”

Mr Pradhan said that India has imported and stored crude oil to meet 20 per cent of domestic demand.

“A crude price drop of this magnitude has never been seen before. Prices went into negative territory in the US as the demand crashed. To make the most of the situation, India’s strategic crude oil storage reserves have been filled up in this situation. Now there is 5.33 million tonne (MT) of crude oil stored in the country in underground caverns. Of this, nearly 2 MT has been recently procured at these low prices,” Mr Pradhan said.

“Another 7 MT crude has been procured by private and public sector companies and parked in floating reserves in the form of tankers. Some 25 MT crude oil is in the pipelines and other segments of the refinery cycle,” he said.

“In all there is around 20 per cent of domestic demand that can be met by this stored low-priced crude oil when there is a need,” he added.

Due to the fall in prices, India’s import bill will decrease.


Source: IBEF