"Rs 42 Commercial LPG hike normal," says Bihar Minister Ram Kripal Yadav

Yadav stated that because the country lacks sufficient domestic production resources and imports over 60% of its petroleum products, global market pressures leave the government with no option but to adjust fuel prices.

Speaking to ANI, Yadav said, "The hike in commercial LPG by Rs 42 is normal. We have no resources of our own to produce oil, so we depend on other countries for it. We import more than 60% of our petroleum products. Circumstances are such that the government, despite not wanting to, has to hike oil prices."

The prices of 19 kg commercial cylinders have been increased by Rs 42 in Delhi, bringing the price to Rs 3113.50, according to sources, while in Kolkata, the price of a cylinder will now be Rs 3255.50.

The new prices will be effective from Monday, June 1.

The prices of 5 kg FTL (Free Trade LPG) cylinders have been increased by Rs 11, and will cost Rs 821.50 in Delhi. There is no change in domestic cylinder prices.

This comes amid a global energy crisis in the wake of the West Asia conflict. The Union Petroleum Ministry has maintained that India has sufficient stock of petrol, diesel, LPG, and natural gas inventories.

On Friday, Sujata Sharma, Joint Secretary of the Petroleum Ministry, said that all our refineries are operating at an optimum level and LPG production is at an all-time high, almost 90 DMT per day. No dry out has been reported on the LPG distributorship.

"Regarding strategic reserves, we are also working on them. And we have asked the oil marketing companies to work out that the LPG reserve should be a minimum of 30 days with them, and they are working on it. And similarly, for crude also, we are working," Sharma said, during an inter-ministerial briefing.

She also outlined the precautionary measures to safeguard against supply shocks. She assured that there is no shortage at present. (ANI)