Subsidised LPG prices hiked by Rs 2.71, non-subsidised by Rs 55.50 per cylinder

LPG rates are revised by oil firms on the 1st of every month, based on the average benchmark rate and foreign exchange rate in the previous month.

The increase in the rates is a result of tax impact of base price rising due to spurt in international rates and fall in rupee.

The prices of subsidised cooking gas was hiked by Rs 2.71 per cylinder and non-subsidised LPG by Rs 55.50 per cylinder on Saturday. Subsidised LPG with effect from midnight tonight will cost Rs 493.55 in New Delhi, a statement issued by the Indian Oil Corporation (IOC) said.

The increase in the rates is a result of tax impact of base price rising due to spurt in international rates and fall in rupee. A statement issued by the IOC said, “The increase is mainly on account of the Goods and Services Tax on revised price of Domestic Non-Subsidised LPG.”

“The balance Rs 52.79 (Rs 55.50 minus Rs 2.71) is being compensated to the customer by increase in subsidy transfer to their bank account. Accordingly, the subsidy transfer in customer’s bank account has been increased to Rs 257.74 per cylinder in July 2018 as against Rs 204.95 per cylinder in June 2018. Thus the domestic LPG customer is protected against the increase in international prices of LPG,” the statement added.

LPG rates are revised by oil firms on the 1st of every month, based on the average benchmark rate and foreign exchange rate in the previous month. Consumers purchase non-subsidised or market price LPF after exhausting their quota of 12 subsidised cylinders of 14.2 kg each.

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