Print   Close

LPG price hiked for fourth time this year; Mamata Banerjee slams Modi govt

BusinessToday.In     June 4, 2019

Indian Oil Corporation (IOC) has hiked LPG (liquefied petroleum gas) cylinder prices by up to Rs 25 (14.2 kilograms) with effect from June 1. This is the fourth consecutive month of LPG price hike in this calendar year. Last month, IOC had raised the price of non-subsidised LPG by Rs 6 per cylinder.

Slamming the Modi government for hike in LPG gas price, West Bengal Chief Minister Mamata Banerjee-led Trinamool Congress on Tuesday organised a protest march opposing the move.

In Kolkata, the price of non-subsidised LPG has been raised to Rs 763.5 per cylinder as compared to the LPG cylinder rate of Rs 738.50 in the previous month. The price of the subsidised cylinder has been hiked to Rs 500.52, according to IOC, which supplies the LPG cylinder under brand Indane.

"Why have the LPG cylinders prices been hiked, once the election process was over?" Mamata Banerjee asked the Centre.

"We condemn the gas price hike and will take out rallies in every block," she said.

In Delhi, the price of non-subsidised LPG has been raised to Rs 737.50 per cylinder as against the LPG cylinder rate of Rs 712.50 in the previous month. The cost of a non-subsidised gas cylinder in Mumbai will be Rs 709.50.

From June 1, a subsidised LPG cylinder will cost Rs 497.37 per unit, a rise of Rs 1.23 over previous month, in Delhi and Rs 495.09 per unit in Mumbai.

Meanwhile, the subsidised LPG cylinder will cost Rs 485.25 in Chennai, while non-subsidised LPG cylinder will be available at Rs 753.

IOC, the country's largest fuel retailer, offers LPG cylinders in four sizes - domestic cylinders 5 kg and 14.2 kg, commercial cylinder 19 kg and industrial cylinder 35 kg.

In May, subsidised LPG prices in Delhi, Kolkata, Mumbai and Chennai were at Rs 496.14 per cylinder, Rs 499.29 per cylinder, Rs 493.86 per cylinder and Rs 484.02 per cylinder, respectively.

However, there is no change in the prices of commercial cylinder and it remained constant at Rs 1,328 in Delhi. It costs Rs 1,376 in Kolkata, Rs 1,275 in Mumbai and Rs 1,427.50 in Chennai.

The oil marketing companies review LPG prices on a monthly basis based on international crude oil 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 to 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

Also Read: India mulls retaliatory tariffs after US ends preferential trade status

Also Read: Income Tax returns deadline of July 31 likely to be postponed

URL for this article :
@ Copyright 2019 India Today Group.