Published: Tue, October 02, 2018
Business | By Eloise Houston

Fuel price hiked again, LPG to cost Rs 502.4 per cylinder

Fuel price hiked again, LPG to cost Rs 502.4 per cylinder

In the country's financial capital, petrol costs Rs 91.08 per litre, up from Rs 90.84 on Sunday, data on the Indian Oil Corp website showed.

Prices of the fuel in Delhi, Kolkata, Mumbai and Chennai were Rs 75.09, Rs 76.94, Rs 79.09 and Rs 79.40 a litre respectively, up from the Sunday's Rs 74.79, Rs 76.64, Rs 79.40 and Rs 79.08 respectively.

The continuous cries by the common man over rising fuel prices just don't seem to be bothering the ruling government at all. In Patna, the price of petrol is close to touching the psychological mark of ₹90 per litre, retailing at ₹89.87 on Monday.

IOC said the prices have been increased "mainly due to change in global price and foreign exchange fluctuations".

Petrol diesel prices
Petrol diesel prices

The actual impact on subsidised domestic LPG customers is only Rs 2.89 per cylinder, which is mainly due to GST on the above, International Olympic Committee added.

The prices of subsidized cooking gas (LPG cylinder) has been increased by Rs 2.98 per 14.2 kg cylinder from Rs 499.51 to Rs.502.4 in Delhi. The increased rates became effective from 12 am on Monday.

Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month. But as per tax rules, GST on LPG has to be calculated at the market rate of the fuel.

"The increase is mainly on account of GST on revised price of Domestic Non-Subsidised LPG", the statement said. Delhi has lower tax among the four major metros.

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