NEW DELHI: In a move that could worsen the financial burden of the common man, oil marketing companies on Wednesday jacked up cooking gas price by Rs 50 per cylinder. This is the eighth hike in the past one year and the cumulative increase shot up to Rs 244 on Wednesday.
Following the hike, a 14.2-kg non-subsidised LPG cylinder costs Rs 1,053 in Delhi, Rs 1,052.50 in Mumbai, Rs 1,079 in Kolkata and Rs 1,068.50 in Chennai.
Notably, the price of commercial cylinders (19 kg) used in restaurants has been reduced by Rs 8.50. The unrelenting increase in cooking gas prices could have wider ramifications as 70% households use LPG as primary cooking fuel.
This is the fourth increase in the rate of cooking gas since the Russia-Ukraine war started. Oil retailers increased LPG price by Rs 50 each on March 22 and May 7.
They effected another hike of Rs 3.50 on May 19. There has been no revision on petrol and diesel prices for the past three months. The price of transport fuel remains untouched since the record Rs 10 per litre increase in just 16 days beginning March 22, 2022.
On May 21, Finance Minister Nirmala Sitharaman cut the excise duty by Rs 8 per litre on petrol and `6 on diesel. She also announced Rs 200 subsidy per cylinder for nine crore poor women and other beneficiaries who got free connections under the Ujjwala scheme.
The reason for the continuous hike in fuel prices is the strengthening of energy prices in the international market and LPG price is influenced by crude prices in the international market.
Experts believe the hike was necessitated because retail selling price is not in tandem with that of crude oil.
The latest price hike has drawn criticism from the Opposition parties.
The Congress termed it an “anti-people” decision and said the BJP-led government at the Centre is running a “bulldozer of inflation” over people’s budget.
