LPG price hike: OMCs again hike commercial cylinder prices

The Oil Marketing Companines (OMCs) on Friday, March 1, 2024 hiked 19 kg LPG cylinder prices by Rs 25.50. Because of which, the commercial cylinders will now cost Rs 1,795 in New Delhi, Rs 1,749 in Mumbai, Rs 1,911 in Kolkata and Rs 1960.50 in Chennai.

Before this, the OMCs Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had hiked commercial cylinder prices in February 2024 as well.

Prices have remained more or less same in the last four months:

In last four months, the fuel retailers have frequently revised the commercial cylinder prices. the state owned OMCs had increased prices in December 2023, then, at the start of the current calendar year they reduced prices as New Year gift. Then, the fuel retailers again increased prices in Februray 2024 and now again in March 2024.

Get ready for flared restaurant bills:

Hike in commercial cylinder prices may lead to a rise in the cost of restaurant cuisines. So, food lovers may have to shell out more on exquisite cuisines.

While, on the other hand, the price of 14.2 kg cooking cylinder prices used by households has not been hiked and remains at Rs 903 since August 2023. State-owned OMCs revise cooking gas prices on the 1st of every month, based on the average international price in the previous month.

Petrol and diesel prices on the other hand continued to remain on freeze for a record two years in a row. Petrol costs Rs 96.72 per litre in the national capital, and diesel comes for Rs 89.62 per litre. State-owned fuel retailers are supposed to revise petrol and diesel prices daily, based on a 15-day rolling average of benchmark international fuel prices, but they haven’t done that since April 6, 2022.