New Delhi: On Saturday, Union Finance Minister Nirmala Sitharaman said that the government would pay a subsidy of Rs 200 per LPG cylinder to the Pradhan Mantri Ujjwala Yojana's nearly 9 crore beneficiaries. She stated that the funding would be limited to 12 cylinders per year. This was one of a slew of big-ticket initiatives to combat price rises and inflation in India as a result of the epidemic and the crisis in Ukraine, which has pushed up oil and food costs around the world.


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For the second time in a month, the price of LPG (liquid petroleum gas, which is used to cook food by millions of Indian people) increased by Rs 3.50. Prices in India have surpassed Rs 1,000.


A 14.2 kg cylinder cost Rs 1,003 in Delhi and Mumbai before today's announcement, Rs 1,029 in Kolkata, and Rs 1,018.5 in Chennai.


Sitharaman also reduced the central excise duty on fuel and diesel by Rs 8 per litre and Rs 6 per litre, respectively. After crude oil prices surged in the aftermath of the Ukraine crisis, petrol and diesel prices in several regions of the country have surpassed Rs 100 per litre.


According to the minister, the measure will lower the price of fuel by Rs 9.5 per litre and diesel by Rs 7. She urged governments who did not reduce fuel prices in November to do so now.


"The globe is going through a terrible period right now. Even as the world recovers from the Covid-19 outbreak, the Ukraine crisis has caused supply chain disruptions and shortages of a variety of items. In many countries, this has resulted in inflation and economic suffering, "Sitharaman stated on Twitter.


In addition, the finance minister promised that the government would lower customs duties on raw materials and intermediaries for plastic, iron, and steel goods, all of which India imports heavily. She claims that this will lower the cost of final products.