LPG prices hiked after Delhi election results

LPG prices hiked by up to Rs 149 per cylinder check new rates

The price of non-subsidized petroleum gas (LPG) cylinders has now been steadily higher in state-run petroleum companies. This is the sixth straight monthly hike in cooking gas rates since September 2019.

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 new price in Kolkata stands at Rs 896, a sharp rise of Rs 149.

Indian Oil is the country's largest fuel retailer which supplies LPG under brand Indane. The domestic users are entitled to get 12 cylinders of 14.2 kg each in a year at subsidised rates. The tax on LPG changes every month, depending on the fluctuation in the average worldwide benchmark LPG rate and foreign exchange rate. The Indane gas delivers cylinders to over 11 crore households. Fuel retailers sell LPG cylinders at the market price but the government subsidises 12 cylinders each household per year by providing direct subsidy.

LPG prices hiked after Delhi election results
LPG prices hiked after Delhi election results

But to insulate domestic users, the government nearly doubled the subsidy it provides on the fuel to keep per cylinder outgo nearly unchanged. The prices were last increased by over Rs 19 on January 1. As per revised estimates for FY20, an amount of Rs 29,627.76 crore has been provided towards DBT for LPG.

The oil marketing companies (OMCs) incurred gross under-recoveries of Rs 43,300 crore in FY19, of which LPG accounted for Rs 31,500 crore (73 per cent).

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