State-owned Indian Oil Corporation (IOC) has hiked LPG (liquefied petroleum gas) cylinder prices by Rs 6 per unit (14.2 kilograms) with effective from May 1. This is the third consecutive price hike this calendar year because of a rise in the average import cost and depreciating value of rupee as compared to the US dollar. Last month, IOC had raised the price of non-subsidised LPG by Rs 5 per cylinder.
In Delhi, the price of non-subsidised LPG has been raised by Rs 6 per cylinder, while that of subsidised LPG by 28 paise per cylinder, according to IOC data.
From May 1, a subsidised LPG cylinder will cost Rs 496.14 per unit in Delhi and Rs 493.86 per unit in Mumbai. The cost of a non-subsidised gas cylinder in the national capital will be Rs 712.50 and Rs 684.50 in Mumbai.
IOC, the country's largest fuel retailer and supplies LPG under its brand 'Indane', offers LPG cylinders in four 4 sizes - domestic cylinders 5 kg and 14.2 kg, commercial cylinder 19 kg and industrial cylinder 35 kg.
Meanwhile, subsidised LPG prices in Kolkata and Chennai have been increased to Rs 499.29 per cylinder and Rs 484.02 per cylinder. Non-subsidised LPG prices in Kolkata and Chennai are at Rs 738.50 and Rs 728 per cylinder.
Subsidised LPG prices in Delhi, Kolkata, Mumbai and Chennai were at Rs 495.86 per cylinder, Rs 493.57 per cylinder, Rs 499 per cylinder and Rs 483.74 per cylinder, respectively, in April.
The oil marketing companies review LPG prices on a monthly basis based on international crude oil prices and rupee-dollar foreign exchange rates.
The government subsidises 12 LPG cylinders of 14.2 kilograms each per household in a year. It provides the subsidy amount directly in the consumer's bank account. The consumer has to bear the market price for additional LPG cylinders in a year. This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG and foreign exchange rates.
Edited by Chitranjan Kumar