LPG (Liquefied petroleum gas) price on Friday was increased over Rs 7 per cylinder. With this, the orders of government are being followed which states the price of cooking gas should be increased per month so that subsidies would be hammered down by this fiscal-end.
With the increase of price, a subsidised 14.2-kg LPG cylinder in New Delhi will now cost Rs 487.18 against 479.77 previously. The price has been highlighted by Indian Oil Corporation, the nations largest fuel retailer. On July 31, Oil Minister Dharmendra Pradhan told Lok Sabha that in order to cut down the subsidies by March next year, the government had a sked state-owned oil companies to raise subsidised cooking gas (LPG) prices by Rs 4 per cylinder every month.
Rates were, however, raised by Rs 2.31 per cylinder on the previous due date on August 1 and the oil companies have effected a larger hike to equalise that, sources said. Since the implementation of the policy of monthly increases of Rs 2 from July last year, subsidised LPG rates have gone up by over Rs 68 per cylinder. A 14.2-kg LPG cylinder was priced at Rs 419.18 in June 2016.
The government had previously asked IOC, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) to raise rates of subsidised domestic LPG (liquefied petroleum gas) by Rs 2 per 14.2-kg cylinder per month (excluding VAT). The quantum has now been doubled so as to bring down the subsidy to nil. Read More…
Credit By: India
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