First hike since July 2022: Domestic LPG price raised by Rs 50 per 14.2-kg cylinder

Oil marketing companies in India have raised the price of domestic liquefied petroleum gas (LPG) cylinders by Rs 50 per 14.2-kg cylinder, marking the first increase since July 2022. The price hike has been confirmed by Indian Oil Corporation, with the new price of a 14.2-kg domestic LPG cylinder in Delhi set at Rs 1,103, Rs 1,102.50 in Mumbai, Rs 1,129 in Kolkata, and Rs 1,118.50 in Chennai as of March 1.

Commercial LPG prices have also been raised by Rs 350.50 per 19-kg cylinder in Delhi to Rs 2,119.50, with changes in other parts of the country. Unlike domestic LPG, commercial LPG prices are subject to regular revisions.

Previously, the last price revision for domestic LPG was on July 6, 2022. At that time, global crude oil and fuel prices had risen significantly due to Russia's invasion of Ukraine, leading public sector oil marketing companies like Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation to pause regular revisions in fuel prices for products like petrol, diesel, and LPG used by households. This was done in order to protect consumers from extreme fuel price volatility.

OMCs suffered significant losses on the sale of these fuels as they were selling below global prices. In October, the Indian government provided a one-time special grant of Rs 22,000 crore to the three companies to compensate for their losses on domestic LPG sales. Since then, fuel price volatility has subsided to a large extent.

Check Out Public Twitter Reactions on This