Punjab Govt Hikes Fuel Prices, Ends Power Subsidy to Boost Revenue
In a significant move to address Punjab’s financial difficulties, the state’s council of ministers, led by Chief Minister Bhagwant Mann, has introduced two major initiatives aimed at increasing revenue. During a cabinet meeting on Thursday, the government decided to raise retail fuel prices and withdraw the subsidized power scheme for domestic consumers with up to 7 KW load.
The price of petrol has been increased by 61 paise per litre, while diesel has seen a 92 paise per litre hike. These changes are expected to generate an additional Rs 1,500 crore to Rs 1,700 crore annually for the state, which has been struggling to meet its financial obligations, including salary and pension payments, which were delayed by four days in August.
Additionally, the government has scrapped the subsidized power scheme, which was introduced by the previous Congress administration under Chief Minister Charanjit Channi. The scheme provided power at Rs 2.50 per unit for domestic consumers with up to 7 KW load. Punjab Finance Minister Harpal Cheema clarified that the current AAP government will continue offering 300 units of free power per month to domestic consumers but will eliminate dual subsidies, saving the state Rs 392 crore annually.
Over the past month, the AAP government has taken multiple steps to shore up its revenue, including increasing the collector rate for property registration and raising motor vehicle taxes on two-wheelers and four-wheelers. The cabinet also discussed a draft agriculture policy in response to Punjab’s rapidly depleting groundwater levels, which will be further deliberated in an upcoming meeting with farmer representatives later in the day.
These measures are part of the government’s broader effort to stabilize the state’s deteriorating fiscal health and ensure the sustainability of essential services.
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