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LPG Cylinder Prices Hiked After For The First Time In 3 Months

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Rates of subsidized and non-subsidized LPG cylinders were increased on Friday by the state-run oil marketing companies.

LPG Cylinder Prices Hiked After For The First Time In 3 Months
 

According to the IOCL (Indian Oil Corp Ltd), the price of a 14.2 kg subsidized LPG cylinder was increased by Rs 2.08 with effect from 1 March and that of a non-subsidized cylinder by Rs 42.50 in the capital city of New Delhi. Similarly, prices were revised upwards in the other metro cities as well. IOCL supplies Liquified Petroleum Gas (LPG) under the brand name Indane.

Revised rates of 14.2 kg subsidized LPG cylinders:

City Rates effective from 1 Mar 2019 (Rs) Previous price (Rs) Difference (Rs)
Delhi 495.61 493.53 2.08
Kolkata 498.75 496.57 2.18
Mumbai 493.32 491.19 2.13
Chennai 483.49 481.34 2.15

Revised rates of 14.2 kg non-subsidized LPG cylinders:

City Rates effective from 1 Mar 2019 (Rs) Previous price (Rs) Difference (Rs)
Delhi 701.5 659 42.5
Kolkata 727.5 683 44.5
Mumbai 673.5 630 43.5
Chennai 717 673 44

The increase comes as a reversal of the three-month downward trend in prices. Between November and February, the price of a subsidized 14.2 kg cylinder was reduced by Rs 13.89 while a non-subsidized cylinder price was reduced by Rs 283.50.

The rise in prices was attributed to the increase in international oil prices and the fluctuations in foreign exchange rates.

Indian Oil said that "the subsidy transfer in customers' bank account has been increased to Rs. 205.89 per cylinder in March 2019 as against Rs. 165.47 per cylinder in February 2019."

Residents in India can avail subsidy on 12 cylinders in a year unless they voluntarily opt out of it. Full market price is paid at the time of purchase and the subsidized amount is credited to the consumer's bank account. GST to be paid on the LPG cylinders is based on the market prices.

Read more about: lpg
Story first published: Friday, March 1, 2019, 16:29 [IST]
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