November 01 2019: The common man’s kitchen budget is set to go for a toss with the rising fuel prices. The government for the third consecutive month has today hiked the price of liquefied petroleum gas (LPG) by around Rs 76 a cylinder. According to the latest price list by Indian Oil Corporation, a 14.2 kg non-subsidised price of LPG cylinder will now cost Rs. 651 in Mumbai, Rs. 681.50 in Delhi, Rs. 706 in Kolkata and Rs. 696 in Chennai.
These new prices have come into effect from today, November 1, 2019 as the prices are revised on the first day every month. In October 2019, LPG prices were hiked by Rs. 15 and in September 2019, IOC had hiked the prices by Rs. 15.50. This time the hike is much higher at Rs 76 a cylinder. The 5 kg small cylinders will now be available for Rs 264.50.
The price of a 19 kg commercial gas cylinder has been hiked by Rs 119. The price of 19 kg gas cylinder in Delhi has gone up to Rs 1204. A 19 kg commercial cylinder has been hiked to Rs 1258 in Kolkata, Rs 1151.50 in Mumbai and Rs 1319 in Chennai.
This is likely to impact the hoteliers, who are expected to hike the rate on the menus.
State-run companies take into account the international benchmark rates of LPG while calculating the price of LPG cylinders in India. The exchange rate of USD and the rupee is also taken into consideration.
After benchmarking the fuel rates to international prices, all fuel consumers have to buy the fuel at market price. For now, the government subsidizes 12 cylinders of 14.2 kg each per households in a year.