New Delhi: On the very first day of the new financial year, oil companies have increased the price of commercial LPG (19 kg) cylinders by Rs 195.50 and prices for 5-kg mini cylinders have risen by Rs 51. The increase was made due to the rise in global crude oil prices.
What is the reason of increase?
The development comes due to the ongoing conflict in the Middle East. Due to the surge in international crude oil prices, state-owned oil companies have increased the price of commercial LPG cylinders by a whopping Rs 195.50. Prices for 5-kg mini cylinders have risen by Rs 51,
According to the government oil companies, the price of the 19kg commercial LPG cylinder in Delhi has now become Rs 2,078.50. Earlier, the price of 19 kg cylinder was increased by Rs 114.5 on March 1.
In Kolkata and Chennai, the price of the cylinder have risen by Rs 218 and Rs 203, respectively, due to which new rates are Rs 2,208 and Rs 2,246.
What will happen due to increase?
The increase in price of cylinder will affect restaurant and catering business. Food items and dining out may become more expensive in the coming days.
Has price increased by 50 per cent?
The increase in commercial gas prices has left the price of LPG used for domestic cooking. Domestic cooking gas (LPG) prices, which were last increased by Rs 60 per 14.2-kilogram cylinder on March 7, remain unchanged. A 14.2-kilogram cylinder costs Rs 913 in Delhi.
When does prices increase?
The state-owned oil companies like Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum revise ATF and LPG prices on the first day of every month based on international benchmarks and exchange rates.
Global oil prices have risen by nearly 50 per cent since the war in Middle East disrupted energy supply chains. Since the price cut of petrol and diesel by Rs 2 per litre in March last year, their prices have remained stable; in Delhi, petrol currently costs Rs 94.72 per litre and diesel Rs 87.62 per litre.
