LPG price hike: Cooking Gas gets costlier by Rs 50 per cylinder from today; first increase since October 2021
New Delhi, Mar 22: Domestic cooking gas (LPG) price on Tuesday was hiked by Rs 50 per cylinder in line with a spike in international energy prices.
A 14.2-kg non-subsidised LPG cylinder will now cost Rs 949.50 in the national capital.
This is the first increase in LPG rates since early October.
Prices have been on a freeze since then despite the cost of raw material spiralling.
Sources said a 5 KG LPG cylinder will now cost Rs 349 while the 10 kg composite bottle will come for Rs 669.
The 19-kg commercial cylinder now costs Rs 2003.50.
Meanwhile, Petrol and diesel prices were hiked by 80 paise a litre each.
While LPG rates were last revised on October 6, petrol and diesel prices had been on a freeze since November 4 ahead of the assembly elections in states like Uttar Pradesh and Punjab.
Prices have been on a freeze since then despite the cost of raw material spiralling. International oil prices were around USD 81-82 a barrel in early November as against USD 114 now.
It should be noted that Russia makes up for a third of Europe's natural gas and about 10 per cent of global oil production.
About a third of Russian gas supplies to Europe usually travel through pipelines crossing Ukraine.
But for India, Russian supplies account for a very small percentage. While India imported 43,400 barrels per day of oil from Russia in 2021 (about 1 per cent of overall its imports), coal imports from Russia at 1.8 million tonnes in 2021 made up for 1.3 per cent of all coal imports. India also buys 2.5 million tonnes of LNG a year from Gazprom of Russia.
While supplies at the moment seem to be of little worry for India, it is the prices that are a cause of concern.
Domestic fuel prices - which are directly linked to international oil prices as India imports 85 per cent of its oil needs - have not been revised for a record 118 days in a row.
Rates are supposed to be revised on a daily basis but state-owned fuel retailers IOC, BPCL and HPCL froze rates on sooner did electioneering to elect a new government in Uttar Pradesh, Punjab and three other states started.