New LPG Cylinder Price
NEW DELHI:
The price of non-subsidised LPG cylinders has been increased by 25 percent, beginning July 1. In Delhi, a residential cylinder weighing 14.2 kg would now cost Rs. 834.50. According to ANI, the price of a 19-kg cylinder has also been hiked by 76 percent and will now cost Rs. 1,550 in Delhi, Rs. 834.50 per cylinder in Mumbai and Kolkata, and Rs. 850.50 in Chennai.
LPG gas cylinder prices are updated at the start of each month, and with the most recent rise on July 1, LPG prices have now climbed by 140 per cylinder in the previous six months.
In June, the LPG gas cylinder price remained constant.
The price increase coincides with a sharp increase in gasoline prices, which is approaching three digits in some major cities. Unlike petrol, LPG is only accessible at market prices throughout the country, however the government does give subsidies to a limited set of users.
LPG prices were raised three times in February: a 25 rupees increase per cylinder on February 4, a 50 rupees increase on February 15, and a 25 rupees increase on February 25. In March, the price was raised by another 25 rupees, and in April, the price of LPG increased by 125 rupees. Then, as worldwide oil prices fell, a price reduction of 10 rupees was announced.
V state-run oil marketing companies (OMCs) increased the rates on Tuesday. Petrol and diesel prices had jumped by 28 and 26 paise, respectively. It should be remembered that when global crude oil prices rise, OMCs often hike fuel prices. Economists, on the other hand, are afraid that rising domestic fuel prices would stymie economic recovery.
Fuel price increases have already triggered a period of inflation, with the cost of numerous essential products rising significantly as a result. Higher gasoline costs, combined with inflation, are anticipated to stifle demand, reducing overall economic development.
Commentators believe that, for the time being, the only method to reduce fuel costs is for the government to abolish exorbitant taxes. It should be mentioned that the country has the world's highest fuel taxes, accounting for 60% of the retail price of petrol and 54% of the retail price of diesel.