New Delhi, March 9: In a significant move to curb hoarding amid rising natural gas prices globally, the central government has extended the LPG cylinder booking period from 21 days to 25 days. This decision was made on Monday to prevent stockpiling during times of uncertainty caused by geopolitical tensions, including the Israel-Iran conflict.

Government officials have assured that there is sufficient LPG supply in the country, and the extension of the booking period is a measure to manage stock effectively. The rise in demand, estimated between 15 to 20 percent, is attributed to fears of supply disruptions due to escalating conflicts in the Middle East.

On average, a family uses 7-8 LPG cylinders of 14.2 kilograms each year and typically does not require a refill in less than six weeks. A senior official stated that despite international crude oil prices exceeding $100 per barrel, there will be no increase in petrol and diesel prices for now, as oil marketing companies like Indian Oil, Bharat Petroleum, and Hindustan Petroleum will absorb the current cost pressures.

The government is closely monitoring global oil markets but has no immediate plans to raise retail fuel prices. Additionally, the government informed Parliament that India currently has a total storage capacity of 74 days for crude oil and petroleum products, which can help mitigate supply disruptions in adverse geopolitical situations.

Petroleum and Natural Gas Minister Suresh Gopi noted in a written response to the Rajya Sabha that strategic petroleum reserve facilities with a total capacity of 5.33 million metric tons have been established to act as a buffer against short-term supply crises. This capacity is sufficient to meet approximately 9.5 days of crude oil requirements. Furthermore, oil marketing companies in the country have a storage capacity of 64.5 days for crude oil and petroleum products, bringing the total national storage capacity to 74 days.

Related