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Monday, April 22, 2024

Savings of up to Rs 15.3 on petrol and fuel in the Lakshadweep islands

<p>In the Lakshadweep islands, the Indian Oil Corporation eliminated a cost factor that was imposed to recoup the expense of building special infrastructure to carry petroleum to the isolated islands, resulting in a reduction in petrol and diesel costs of up to Rs 15.3 per litre.</p>
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<p>According to information from IOC, the oil ministry said in a post on X that the prices of gasoline and diesel had dropped by Rs 15.3 per litre in Andrott and Kalpeni islands and Rs 5.2 per litre in Kavaratti and Minicoy in Lakshadweep islands.</p>
<p>The price of petrol has been reduced in Kavaratti and Minicoy to Rs 100.75 per litre from Rs 105.94 and in Andrott and Kalpeni to Rs 100.75 per litre from Rs 116.13. Similarly, the price of fuel has been reduced from Rs 110.91 to Rs 95.71 per litre in Kavaratti and Minicoy and from Rs 111.04 to Rs 95.71 in Andrott and Kalpeni.</p>
<p>The revised prices go into effect on March 16.</p>
<p>“In Lakshadweep, Kavaratti, Minicoy, Andrott, and Kalpeni are the four islands that IOC supplies gasoline and diesel to. IOC supplies its Kavaratti and Minicoy depots with product that originates in its Kochi, Kerala, depot. Our depots supply our retail locations in Kavaratti and Minicoy directly via pipes. Barrels are used to supply the other two islands, Andrott and Kalpeni, from the Kavaratti depot, according to the ministry’s website.</p>
<p>Due to very low and unprofitable volumes, this component, which costs Rs 6.90 per litre, was added to the price increase of gasoline and diesel in order to recoup capital expenditures incurred at the depots at Kavaratti and Minicoy on the Lakshadweep islands.</p>
<p>Over the last three years, this component has been part of the pricing.</p>
<p>“Since the full recovery of capital expenditure has now been achieved, this element is being removed from the prices of petrol and diesel,” stated the ministry.</p>
<p>“This will reduce the retail selling price of petrol and diesel by around Rs 6.90 a litre (Rs 7.60 per litre including 10 per cent VAT), providing benefits to the customer.”</p>
<p>In comparison to Kavaratti and Minicoy, the RSP per liter was around Rs 10 more in the markets of Andrott and Kalpeni due to barreling expenses.</p>
<p>“To equate the price of all islands, the available margin of Rs 7.60 a litre has been distributed across the four islands based on their sales volume,” stated the statement. As a consequence, the retail selling price of gasoline and diesel in Kavaratti and Minicoy, the principal islands, would drop by around Rs 5.2 per liter. The retail selling price per liter in Andrott and Kalpeni, the two islands, would be lowered by around Rs 15.3.</p>
<p>In a post on X, Oil Minister Hardeep Singh Puri expressed gratitude to IOC “for providing the people of Lakshadweep with the benefits of completion of cost recovery of capital expenditure and inter-island price rationalization by reducing fuel prices.”</p>
<p>“The move will ensure a bright future for the islands, which are poised to become major hubs of global tourism, and improve the people’s #EaseofLiving and #EaseofBusiness.” Indeed, #ViksitBharat,” he said. “It is #ModiKiGuarantee that all parts of the country benefit from good governance.”</p>

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