Puri expressed gratitude to Indian Oil for extending these benefits, foreseeing an enhancement in the ease of living and conducting business in the region, and envisioning a promising future for the islands, poised to emerge as global tourism hubs.
Petrol and diesel prices on Saturday (March 16) witnessed a notable reduction in Lakshadweep. The price cut amounts to Rs 15.3 per litre in Andrott and Kalpeni Islands, while Kavaratti and Minicoy witness a decrease of Rs 5.2 per litre.
Union Minister Hardeep Singh Puri lauded the decision, attributing it to "Modi's Guarantee" and emphasizing its positive impact on the lives and businesses of Lakshadweep residents.
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Great news for the people of Lakshadweep and message to Maldives
Prices of both Petrol and Diesel have been reduced by a whopping ₹15.3/litre in Andrott and Kalpeni islands and by ₹5.2/litre in Kavaratti and Minicoy... bringing prices on par at all islands as per PM Modi's… pic.twitter.com/D4VrMOiZWm
Updated Petrol & Diesel Prices in Lakshadweep Islands, effective from today (16th March 2024). https://t.co/BlSScydkTV pic.twitter.com/QQsmxo1daN
— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin)As informed by , price of both petrol & diesel has been reduced by Rs 15.3/litre for Andrott and Kalpeni islands and Rs 5.2/litre for Kavaratti and Minicoy in the Lakshadweep islands, effective today.
In Lakshadweep, IOCL is supplying petrol and diesel to four…
Puri expressed gratitude to Indian Oil for extending these benefits, foreseeing an enhancement in the ease of living and conducting business in the region, and envisioning a promising future for the islands, poised to emerge as global tourism hubs.
According to the Union Petroleum Ministry, Indian Oil Corporation Limited (IOCL) oversees the supply of petrol and diesel to four Lakshadweep islands: Kavaratti, Minicoy, Andrott, and Kalpeni. IOCL operates depots in Kavaratti and Minicoy, with products sourced from the Kochi depot in Kerala.
While petrol and diesel are directly supplied to retail outlets on Kavaratti and Minicoy islands through pipelines from their respective depots, the supply process for Andrott and Kalpeni involves transportation from the Kavaratti depot using barrels.
An additional component of Rs 6.90 per litre, incorporated into the petrol and diesel prices, covers the capital expenditure associated with establishing depots in Kavaratti and Minicoy. Given the low volumes and economic challenges, this element was included in prices over the past three years.
However, with the capital expenditure now fully recovered, this component has been removed, resulting in a reduction of approximately Rs 6.90 per litre (including 10% VAT) in petrol and diesel prices, thereby benefiting consumers in Lakshadweep.