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Thursday
March 2019
9:36 PM IST
News Headlines
Soldier killed as Pak army violates ceasefire along LoC in Rajouri        SAFF Women C''ship: Indian women thrash Bangladesh 4-0, will face Nepal in finals        Theresa May seeks Brexit Day delay, EU demands new vote        Nirav Modi arrested in UK; court remands him in custody till March 29        Mayawati won''t contest LS polls, but says still possible to become PM        Samjhauta blast case: Swami Aseemanand, 3 others acquitted        Not playing is not the solution: Ganguly on workload management        IPL schedule: KKR gets relief, to play all home matches at Eden        Rupee pauses after 6-day rally, slips 43 paise against US dollar        Jaitley dubs '108 purported economists' as compulsive contrarians        Sack 3 ministers in Imran Khan's govt for supporting banned outfits: Bilawal        Pak court mulls options for recording Musharraf's statement in treason case        HC takes note of 'dearth' of special education teachers in Delhi schools        Cong-JDS to campaign jointly, vow to reduce BJP to single        Mamata lashes out at BJP for questioning her religion        Jet pilots threaten to stop flying from Apr 1, set Mar 31 deadline on bailout, salaries        Congress will restore special category status to Arunachal and other NE states: Rahul        We think about the future: Sasi Tharoor        No riots in UP since BJP came to power: Adityanath        Congress finally picks Muraleedharan for Vadakara        
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Business News
Cooking Gas Price Cut By Rs. 5.91 Per Cylinder
 
(New Delhi, Jan01, 2019): Domestic cooking gas (LPG) price was cut by Rs. 5.91 per cylinder on Monday, the second straight reduction in a month's time due to tax impact on reduced market rate of the fuel. A 14.2-kg subsidised LPG (Liquefied petroleum gas) cylinder will cost Rs. 494.99 in the national capital from midnight tonight as against Rs. 500.90 currently, Indian Oil Corp (IOC), the country's largest fuel retailer, said in a statement. This is the second straight monthly reduction in LPG rate.

On December 1, subsidised LPG price was cut by Rs. 6.52 per bottle. That price cut had come after six consecutive monthly hikes in rates since June. The two price reductions have mostly negated the Rs. 14.13 per cylinder increase in rates between June and November.

IOC said non-subsidised or market priced LPG rates have been cut by a steep Rs. 120.50 per cylinder "due to fall in price of LPG in international market and strengthening of US dollar-rupee exchange rate."

It will now cost Rs. 689 per 14.2-kg cylinder in Delhi.

On December 1, price of non-subsidised LPG was cut by Rs. 133 per bottle.

All LPG consumers have to buy the fuel at market price. The government, however, subsidises 12 cylinders of 14.2 kg each per households in a year by providing the subsidy amount directly in bank accounts of users.

This subsidy amount varies from month to month depending on the changes in the average international benchmark LPG rate and foreign exchange rate.


When international rates move up, the government provides a higher subsidy. And when they come down, subsidy is cut.

As per tax rules, GST on LPG has to be calculated at the market rate of the fuel. The government may choose to subsidise a part of the price but tax will have to be paid at market rates.

So, with the fall in market price or non-subsidised LPG price, the tax incidence on subsidised cooking fuel has also come down, leading to the current price reduction.

"Accordingly, the upfront cash payment by the consumer of domestic LPG will also reduce by Rs. 120.50 per cylinder. Domestic LPG consumer will now be required to make upfront cash payment of Rs. 689 a cylinder in place of Rs. 809.50 per cylinder," IOC said.

Subsidised cooking gas consumers will get Rs. 194.01 per cylinder subsidy in their bank accounts for the month of January. The subsidy transfer in the customer's bank account has been reduced from Rs. 433.66 in November and Rs. 308.60 in December.


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