In its monthly revision, prices of non-subsidized 14.2 kg LPG (liquid petroleum gas) cylinders were cut by an average of Rs 54 on Sunday by the state-owned Indian Oil Corporation Limited (IOC) after six consecutive months of increase in rates.
With effect from 1 March 2020, the new prices on LPG cylinders are:
|Cities||Prices with effect from 1 March 2020 (Rs)||Previous price (Rs)||Change (Rs)|
In the previous month, rates of the 14.2 kg LPG cylinders in major Indian cities were raised by Rs 144.50 to Rs 149, the steepest increase since January 2014, a day after Delhi Assembly polls.
However, the subsidy on these cylinders was also accordingly increased.
These rates are set by state-owned oil retailers based on international crude rates and rupee's exchange rates.
Households in India are allowed a maximum of 12 LPG cylinder purchases per year at subsidized rates. However, cylinders have to be bought at full price at the time of purchase, and the subsidy is then credited to the customer's bank account by the government.
Meanwhile, on Friday at the inauguration of the two-day national LPG Conclave 2020, the inauguration of the two-day national LPG Conclave 2020, a senior official, S S V Ramkumar, in the R and D wing of IOC said that the company is aiming to ensure that at least 10 percent of LPG will be produced from biomass. He further said the process of developing cooking gas from biomass will bear fruit in another two to three years.