Non-subsidised LPG rate hiked by Rs 86, highest ever in history

The price of non-subsidised cooking gas (LPG) was hiked by a steep Rs. 86 per cylinder on Wednesday, reflecting international trends.
Non-subsidised LPG, bought by those who have either given up their subsidies or exhausted the quota of 12 bottles of 14.2-kg in a year at below market price, will now cost Rs. 737.50.

It was priced at Rs. 651.50 per 14.2-kg cylinder till yesterday, according to state-owned oil companies.

The hike, steepest in the history, comes on back of Rs. 66.5 per cylinder increase effected from February 1.

Rates have been on the upswing since October, 2016. A non-subsidised LPG cylinder was priced at Rs. 466.50 in Delhi in September and has risen by Rs. 271 per bottle or 58 per cent in six instalments.
Oil firms also raised price of subsidised cooking gas by a marginal 13 paisa to Rs. 434.93 per 14.2-kg cylinder. This follows a 9 paise increase effected from February 1.

Prior to these two marginal price hikes, subsidised cooking gas rates had gone up eight times of nearly Rs. 2 per cylinder each.
Aviation turbine fuel (ATF) price was also raised by a marginal Rs. 214 per kilolitre to Rs. 54,293.38 per kl. The increase comes on back of a 3 per cent hike on February 1.

Oil firms revise rates of ATF and cooking gas on 1st of every month based on oil price and foreign exchange rate in the preceding month.
An official statement said the increase in non-subsidised LPG rates were in "line with the rise in global LPG product prices."

"However, there will be no impact on the LPG consumers receiving subsidised refills," it said.

Giving an illustration, it said the consumer will pay Rs. 737 for a new refill in Delhi and will receive subsidy amount of Rs. 303 in his/her account and the net price for the consumer will be Rs. 434, which remains unchanged.

"Thus, there will be no net impact of the increase in price of non-subsidised cylinder on the LPG consumers receiving subsidised refills," it added.

Source PTI

PNB Rs 13,000 crore fraud: Mehul Choksi writes to CBI again

New Delhi: Responding to the fresh set of summons sent by Central Bureau of Investigation (CBI), absconding jeweller Mehul Choksi again wrote a letter...

How RBI is disposing of demonetised currency worth Rs 15.28 trillion

New Delhi: Demonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disp...

RBI issues corrective framework for PSBs

New Delhi: Amid the multiple scams unearthed recently in the banking sector, the Reserve Bank of India (RBI) has issued a Prompt Corrective Action (PC...

No proposal under consideration to scrap Rs 2,000 note: Government

New Delhi: The government on Friday categorically said there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demoneti...