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Finance Minister Nirmala Sitharaman will present the Union Budget on February 1. In this context, key issues related to the budget estimates are going viral. There is a lot of discussion among the people about the decisions that the government will make in the budget.
It is reported that the government will make many decisions that will benefit the common people with this budget. As part of this, it seems that it is also focusing on gas cylinder prices. The talk is that the government will decide to give a subsidy of Rs 35,000 crore to the three major oil companies in the country.
There are many possibilities that the central government will decide to give a subsidy of Rs 35,000 crore to Indian Oil, Bharat Gas and Hindustan Petroleum (HPCL).
Despite the increase in raw material prices, these three fuel retailers have not changed the price of domestic LPG cylinders since March 2024. For a 14.2 kg cylinder. It has been selling at Rs 803. As a result, their income fell sharply in September (the first half of the current 2024-25 financial year).
The current price of 14.2 kg cylinders offered to households by state-owned fuel retailers is Rs. 803, industry sources said. The total loss on LPG sales in the current financial year is estimated at around Rs. 40,500 crore.
In this context, it seems that the government is likely to provide them with a total of Rs 35,000 crore in the form of subsidy in two financial years. Rs. 10,000 crore in the financial year 2024-25 and the remaining Rs. 25,000 crore in the next financial year.
Before the general elections, a 14.2 kg cylinder was reduced by Rs. 100. There has been no change in domestic LPG prices since March 9, 2024. However, it is expected that a key change in gas cylinder prices may be seen after this budget.