Published: Wed, February 12, 2020
Markets | By Otis Pena

LPG cylinder prices hiked by over Rs 100 across metro cities

LPG cylinder prices hiked by over Rs 100 across metro cities

According to the data available on Indian Oil Corporation's (IOCL) official website, a 14.2 kg cylinder will now cost Rs 858.50 in Delhi, up by Rs 144.50 from the previous price of Rs 714.00. The steep price rise of non-subsidised cylinders, that will be effective from February 12, will make each unit dearer by up to Rs 149.

This was the sixth straight hike in the prices of cooking gas.

Along with 14.2 kg cylinder, the oil companies have also increased the price of 19 kg cylinders by Rs 225 to Rs 1,466 here.

Indane Gas, which delivers cylinders to 11 crore households in India, also revises the price of LPGs every month, depending on the foreign exchange rate and the worldwide benchmark rate of the fuel. The prices vary across different cities. The government subsidises 12 cylinders of 14.2-kg each per household in a year by providing subsidy amount directly in the bank accounts of users.

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It is likely that the price rise was stalled by the government owing to the Delhi elections as it would have had a detrimental effect on popular sentiment. Throughout India, the price of LPG cylinders mainly depends on two variables-the foreign LPG benchmark cost and the exchange rate of the US Dollar and Rupee.

But to insulate domestic users, the government nearly doubled the subsidy it provides on the fuel to keep per cylinder outgo nearly unchanged.

Normally, LPG rates are revised on 1st of every month but this time it took nearly two weeks for the revision to take place - a phenomenon which industry officials said was due to approvals needed for such a big jump in subsidy outgo.

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