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Tuesday
June 2019
4:45 AM IST
News Headlines
Bhuvneshwar ruled out of next 2-3 games due to hamstring niggle: Kohli        Shakib 124, Liton 94 guide Bangladesh to 7 wicket victory over WI        Facebook to unveil new cryptocurrency        Sensex drops over 150 pts; Nifty below 11,800        Hong Kong police clear streets as protesters move to park        Argentina, Uruguay restore power after massive blackout        Hong Kong activist Joshua Wong walks free, calls on leader to resign        Don't bother about numbers, your every word is valuable: PM to Oppn        Kejriwal seeks action against cops for thrashing driver        Amarinder seeks Shah's intervention in streetfight between cops and driver in Delhi        WB doctors agree to call off strike during meeting with Mamata        Kerala Congress (M): Jose K Mani elected as Chairman        Cyclone Vayu to recurve towards Gujarat and weaken gradually        Joseph terms Jose K Mani''s election unconstitutional, says ''crowd'' can''t elect chairman        Heatwave claims 61 lives in Bihar        With eyes on 2022, Priyanka to step up UP tours, meet Cong workers twice a week        Hong Kong leader apologises as massive rally chokes city        Gunmen on motorcycles kill 34 villagers in Nigeria: Police        Trump to raise Hong Kong protests with Xi at G20: Pompeo        Protesting doctors turn down Mamata''s invite for talks, say CM has to apologise first        
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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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