The announcement was made by Union Petroleum and Natural Gas Minister Hardeep Singh Puri in the Lok Sabha.
The development comes in the wake of the disruptions to global energy supply arising from the ongoing US-Israeli conflict with Iran in West Asia.
“In a major decision, 20% of the average monthly Commercial LPG requirement will be allocated from today by OMCs, in coordination with the State Governments so that there is no hoarding or black marketing,” said Hardeep Puri.
“Commercial LPG has been regulated to prevent black marketing, not to penalise the hospitality sector,” he added.
The oil minister further explaubed that commercial LPG is sold in a completely deregulated, over-the-counter market at market price, without any government subsidy. There is no registration system, no booking requirement, no digital authentication, and no delivery confirmation mechanism.
Puri said: “The world has not faced a moment like this in modern energy history. Today is the 13th day since the passage through the Strait of Hormuz, through which 20% of world’s crude, 20% of world’s natural gas and 20% of the world’s LPG flows, was disrupted following the military operation between Iran, Israel and the US. For the first time in recorded history, the Strait of Hormuz has been effectively closed to commercial shipping.”
“Despite India having no role in causing the conflict, like many countries, India has to navigate through its consequences,” added Puri.
This is a developing story. Check back later for more updates.
