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BUSINESS NEWS
LPG price hiked by Rs 2, kerosene by 26 paisa
 
(New Delhi, May 2, 2017): Subsidised cooking gas (LPG) price was on Monday hiked by about Rs 2 per cylinder and kerosene rate by 26 paisa a litre as government looks to eliminate subsidy on the fuel through small hikes.

LPG price in Delhi was hiked by Rs 1.87 per 14.2kg cylinder to Rs 442.77 per bottle, according to stateowned oil firms.

Oil firms had last raised price of subsidised cooking gas by Rs 5.57 to Rs 440.90 per 14.2kg cylinder on April 1. This hike came as the stateowned oil firms on previous two occasions February 1 and March 1 did not effect any significant raise in prices in view of assembly elections in states like Uttar Pradesh.

Prior to that, they had raised rates by nearly Rs 2 per cylinder for eight months in line with government decision to cut subsidises through calibrated increases every month.

Also, the rate of nonsubsidised cooking gas (LPG) was cut by Rs 92 per cylinder in line with international trends.

The reduction comes on back of a Rs 14.50 per cylinder cut on April 1.

Nonsubsidised LPG is bought by consumers who have either given up their subsidies or exhausted the quota of 12 bottles of 14.2kg in a year at below market price.

Subsidised kerosene rate was hiked by Rs 0.26 per litre.

A litre of kerosene now costs Rs 19.55 in Mumbai.

The government is looking at eliminating subsidy on kerosene through small 25 paisa increase every month.

Also, the price of jet fuel or ATF was cut by a marginal 0.4 per cent to Rs 51,696 per kilolitre. This reduction comes on back of a 5.1 per cent cut effected from April 1, oil companies said.

Oil firms revise rates of ATF and cooking fuel on 1st of every month based on oil price and foreign exchange rate in the preceding month. (PTI)


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