23
Wednesday
January 2019
6:59 AM IST
News Headlines
NRIs are India's brand ambassadors, symbolise country's capabilities: PM        More domestic, international services from Kannur International Airport        Kohli will break all records created by Tendulkar: Zaheer Abbas        Man gets 7 years rigorous imprisonment for robbery        Encounter breaks out at Shopian in J-K        France fines Google nearly $57 million        Full dress rehearsal for Republic Day Parade on Wednesday, traffic restrictions to be in place        Jaitey calls Congress remarks on EVM hacking "lie and garbage"        China''s economy slumps to 28 year low to 6.6 per cent in 2018        Venezuela military group calls in video for not recognizing Maduro        First Indian-American Senator Kamala Harris announces her 2020 US presidential bid        Ross Taylor praises Kohli''s batting prowess ahead of limited-overs series        Halep sent home but Djokovic, Williams headed to the Australian Open quarter-finals        Boo - The World's Cutest dog dies        PM condoles demise of Lingayat seer        CJI recuses from hearing plea challenging Rao's appointment as interim CBI chief        Ankita wins first singles title of 2019 season in Singapore        Kohli is greatest ODI batsman to have played the game: Clarke        Minister says UK faces 'political tsunami' if Brexit halted        Mumbai TDS office issued prosecution notices in 50 ''big'' cases in past one month: CBDT        
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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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KERALA NEWS
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 Thiruvananthapuram: More domestic, international services to start from Kannur International Airport  
Mineral sand mining: Talks fail, agitaion to continue
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INTERNATIONAL NEWS
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Venezuela military group calls in video for not recognizing Maduro
First Indian-American Senator Kamala Harris announces her 2020 US presidential bid
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NATIONAL NEWS
Man gets 7 years rigorous imprisonment for robbery
 Thane: A Thane court has awarded seven years' rigorous imprisonment to a 36-year-old man for robbing
Encounter breaks out at Shopian in J-K
Jaitey calls Congress remarks on EVM hacking "lie and garbage"
PM condoles demise of Lingayat seer
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