LPG price: Earlier this month, the rates were hiked after three consecutive months of cuts
LPG or liquefied petroleum gas prices were hiked earlier this month, marking the first increase in prices so far this calendar year. With effect from March 1, subsidised and non-subsidised LPG prices in Delhi were revised to Rs 495.61 per cylinder (14.2 kilograms) and Rs 701.50 per cylinder respectively, according to data from Indian Oil Corporation's website - iocl.com. That marked a hike of Rs 2.08 per cylinder in the price of subsidised LPG and Rs 42.5 per cylinder in case of non-subsidised cooking gas compared with the previous month's rates, the Indian Oil data showed. In Mumbai, the subsidised and non-subsidised LPG prices were revised to Rs 493.32 per cylinder and Rs 673.50 per cylinder this month, as against Rs 491.19 per cylinder and Rs 630.00 per cylinder in February respectively, according to the data.
Here are 10 things to know about the latest LPG prices:
- Before the latest hike, the only upwards revision in LPG prices so far this year, the rates had been revised downwards in past three months.
- In Delhi, for example, the non-sbusidised prices were reduced by a total Rs 283.5 per cylinder from December to February before the hike this month, according to the data from Indian Oil Corporation.
- In Mumbai, the non-subsidised prices had been lowered by a total Rs 283.5 per cylinder from December to February.
- Currently, the LPG prices are reviewed by retailers on a monthly basis, based on international crude oil and rupee-dollar foreign exchange rates.
- LPG consumers in the country have to purchase LPG - or cooking gas - at market rates.
- The government subsidises 12 cylinders of 14.2 kilograms each per household in a year.
- The amount of subsidy - credited directly to the consumers' bank accounts - varies from month to month.
- In Delhi, the subsidised LPG prices were increased by a total Rs 5.21 per cylinder in 2018. The non-subsidised rates were raised by Rs 62.5 per cylinder during the calendar year.
- During this period, the prices were increased by Rs 5.19 per cylinder and Rs 61.5 per cylinder in Mumbai respectively, according to the Indian Oil data.
- Indian Oil, the country's largest fuel retailer, supplies LPG under brand Indane.
(With agency inputs)
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