The latest update on Indian Oil Corp's website shows that prices of 14.2 LPG cylinders have been raised by Rs 50 in all major cities. The change in price comes after 5 months of stagnancy.
After 3 consecutive months of price cuts, LPG cylinder rates in India were raised for the month of June and July. Rates remained unchanged after July's update and changes were not announced at the start of December either.
Applicable LPG cylinder rates for December 2020:
|City||Prices for December 2020 (in Rs)||Previous price (in Rs)|
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. 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. However, most customers have not received subsidies since May, as the combination of international oil price collapse and domestic refill rate increase diminished the gap between subsidised and market rates.
In making the marginal increase in prices in June, IOC in a statement said, "Due to increase in the prices in international market, the RSP (retail selling price) of LPG in Delhi market will be increased by Rs.11.50 per cylinder."