The Indian Oil Corporation has announced a price hike of Rs 50 for non-subsidized cylinders of liquefied petroleum gas (LPG) effective immediately (IOC). Prices of non-subsidized LPG gas cylinders have increased for the first time in more than five months.
Each month, the state-owned oil corporations decide the price of LPG gas cylinders in the country’s gas distribution network. Since July of this year, there has been no change to the rates.
Prices of liquefied petroleum gas (LPG) for a 14.2-kg cylinder had jumped by 50 percent since May 7, when national oil marketing organizations raised the cost of the product.
Costs of domestic cooking gas in Chennai and Kolkata have risen by more than 1,000 percent in the last two months, while prices in Delhi and Mumbai have increased to 999.50 percent in the same period.
Since March 22, if you’ve previously paid more than 1,000, you’ll be required to pay an additional 1,052.
As a result of growing prices for everyday commodities such as milk and edible oil and higher expenditure on commutes due to high gasoline and diesel prices, the cost of LPG has increased when household budgets are already stretched.
In Chennai, it costs 1,015.50 to purchase a 14.2-kg cylinder, whereas in Kolkata, it costs 1,026 to get the same cylinder.
Several sources in the LPG trade have hinted at an expected increase in the price of domestic LPG since the outbreak of the Russia-Ukraine crisis began.
BPCL, HPCL, and Indian Oil Corporation (IOC), the country’s second and third-largest LPG marketers, respectively, revised LPG rates in India on Saturday, according to the Indian Oil Corporation (IOC).
Purchases of subsidized LPG cylinders are restricted in India to 12 cylinders per household per year. Afterward, after the cylinders have been purchased at the total price, the subsidies are transferred to the customer’s bank account. According to the Energy Information Administration, because of a decline in worldwide oil prices and a rise in domestic refill rates, most consumers have not received subsidies since May.