NEW DELHI: Domestic LPG prices have been increased by Rs 29 per 14.2kg cylinder, marking the second hike in the last three months. With the latest revision, the price of a 14.2-kg domestic LPG cylinder in Delhi has gone up to Rs 942 from Rs 913. The revised rates came into effect on June 7, news agency PTI reported, citing industry sources.
The hike comes amid continued strain on global oil and gas supplies due to the ongoing conflict in the Middle East.
The upward revision will take effect nationwide, although the final retail price of a cylinder will vary from city to city owing to differences in local taxes and transportation costs.
The increase follows a Rs 60 per cylinder hike on March 7 after the conflict in West Asia disrupted global energy supplies and drove up international fuel prices. Industry sources said that the increase had only partly offset losses incurred on domestic LPG sales, the PTI reported.
The rise in LPG prices comes at a time when several other fuels have also become more expensive.
Petrol and diesel prices have been raised by a cumulative Rs 7.50 per litre since mid-May, while compressed natural gas (CNG) rates have gone up by around Rs 6 per kg.
According to the report, despite these increases, oil companies are still selling petrol and diesel below their actual cost. They estimate losses of around Rs 11 per litre on petrol and Rs 33.6 per litre on diesel.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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