Updated: May 1, 2020 1:35:31 pm
LPG Price Cut: The prices of non-subsidised liquefied petroleum gas (LPG) cylinders have been significantly reduced by the country’s key oil marketing companies (OMCs) today.
According to the data available with the official website of Indian Oil Corporation (IOCL), a 14.2 kg cylinder will now cost Rs 581.50 in Delhi, down by Rs 162.50 from Rs 744.00 in April.
Likewise, the price of 14.2 kg Indane cylinder in Kolkata has been cut by Rs 190 to Rs 584.50, while in Mumbai, it has been reduced by Rs 135.50 to Rs 579.00 and in Chennai, it has slipped by Rs 192 to Rs 569.50.
This is the third consecutive rate cut in the non-subsidised LPG prices. Generally, prices of LPG cylinders are revised on a monthly basis by the OMCs. The previous price revision was done on April 1, 2020.
LPG prices were on the rise since August last year, however, they were slashed in the past couple of months following a steady decline in the global crude oil market due to the coronavirus pandemic.
In India, the OMCs sell 14.2 kg cylinder to domestic households at the prices prevalent in the open market, however, the government provides subsidies for 12 such cylinders to every household each year with the help of a direct benefit transfer to their bank accounts.
LPG prices in India depend on key global factors such as international oil and gas prices and the rate of the Indian rupee against the US dollar.
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