Starting from tomorrow, the price of domestic LPG cylinders will go up by Rs 50, as announced by Union Petroleum Minister Hardeep Singh Puri. The cost of a standard 14.2-kg cylinder will rise from Rs 803 to Rs 853 for regular users.
For Ujjwala Yojana beneficiaries, the new price will be Rs 553 per cylinder, while non-Ujjwala users will have to pay Rs 853. This change comes amid rising international prices of LPG, which have surged from $415 per metric tonne to $712 per metric tonne.
The minister clarified that so far, oil marketing companies (OMCs) were taking the hike in global prices on their own books and not transferring it to the Indian consumer. The current prices are intended to meet just the recent under-recovery only, the minister added. OMCs incurred a loss of Rs 41,338 crore in the last fiscal year on account of the price gap, the minister stated.
The minister also stated that the cost of LPG will be revised every 15 days and will be adjusted as per international market movements. Any additional changes will be based on changes in global prices.
Regarding petrol and diesel, the minister ensured that the recent excise duty hike will not be transferred to consumers. According to him, prices of petrol and diesel will be regulated by fuel companies according to international prices as well as according to the current deregulated system.
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Source: Moneycontrol.
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