The price of Liquefied Petroleum Gas(LPG) domestic gas cylinder (14.2 kg) hiked by ₹50 per cylinder; to be at ₹769 per cylinder in Delhi from 12 am tomorrow, news agency ANI reported.
The price of LPG gas cylinders is determined by state-run oil companies and is revised on a monthly basis. Depending on international fuel rates and US dollar-rupee exchange rates, the prices can go up or down.
The government of India is currently providing subsidy on the sale of domestic LPG cylinders to the consumers. The subsidy amount is directly credited to the individual’s bank account after the purchase of the cylinder.
Fuel retailers revise prices of LPG cylinders, which is primarily dependent on the international benchmark rate of LPG, and the US dollar and rupee exchange rate.
This LPG price hike comes at a time when petrol prices in India are set to touch an all-time high.
Rising energy prices will stoke inflation in India, the third-largest oil importer, even as the government tries to pull the economy out of a recession.