Domestic cooking gas (LPG) price was Thursday Feb 28,2019 hiked by ₹2.08 per
cylinder and non-subsidised gas by Rs 42.50 per bottle, Indian Oil
Corporation (IOC) said
The increase comes after three straight monthly reduction in rates
The rise has been necessitated due to tax impact on increased market rate of the fuel, IOC said in a statement
A 14.2-kg subsidised LPG cylinder will now cost ₹495.61 in the national capital from March 1 as against ₹493.53 currently. Prior to this, prices had been reduced by a total of ₹13.39 per cylinder
IOC said non-subsidised or market-priced LPG rates have been hiked by ₹42.50 per cylinder “mainly due to change in international price and foreign exchange fluctuations.” It will now cost ₹701.50 per 14.2-kg cylinder in Delhi.
All LPG consumers buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2 kg each per households in a year by providing the subsidy amount directly in bank accounts of users.
This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG rate and foreign exchange rate.
When international rates move up, the government provides a higher subsidy. And when they come down, subsidy is cut.
IOC said subsidy transfer has been increased to ₹205.89 per cylinder in March 2019 as against ₹165.47 in Feb 2019
Oil firms revise LPG price on 1st of every month.
The increase comes after three straight monthly reduction in rates
The rise has been necessitated due to tax impact on increased market rate of the fuel, IOC said in a statement
A 14.2-kg subsidised LPG cylinder will now cost ₹495.61 in the national capital from March 1 as against ₹493.53 currently. Prior to this, prices had been reduced by a total of ₹13.39 per cylinder
IOC said non-subsidised or market-priced LPG rates have been hiked by ₹42.50 per cylinder “mainly due to change in international price and foreign exchange fluctuations.” It will now cost ₹701.50 per 14.2-kg cylinder in Delhi.
All LPG consumers buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2 kg each per households in a year by providing the subsidy amount directly in bank accounts of users.
This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG rate and foreign exchange rate.
When international rates move up, the government provides a higher subsidy. And when they come down, subsidy is cut.
IOC said subsidy transfer has been increased to ₹205.89 per cylinder in March 2019 as against ₹165.47 in Feb 2019
Oil firms revise LPG price on 1st of every month.
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