State-run oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have increased the prices of 19 kilogram commercial LPG cylinders in four major cities starting from November 1.
What Happened: Following this adjustment, a 19-kilogram commercial liquified petroleum gas (LPG) cylinder will now cost ₹1,833 in Delhi, up from ₹1,731. In Mumbai, the new price will be ₹1,785.50. In Kolkata, it will be available at ₹1,943 per cylinder, and in Chennai, it will be priced at ₹1,999.50 per cylinder.
This marks the second price increase for LPG cylinders in two months, with the previous increase of ₹209 per cylinder taking place on October 1.
See Also: Rekha Jhunjhunwala-Backed Small Cap Stock Surges 13% After 58% Jump In Profits
LPG is widely used for various purposes, including as a motor fuel, cooking gas, heating, refrigeration and in specific high-end industrial processes.
In August of this year, the Union Cabinet announced a reduction in LPG prices for all 330 million users in India, with all domestic consumers of LPG cylinders receiving a subsidy of ₹200 per cylinder. Users under the Prime Minister Ujwala scheme were granted this subsidy in addition to the existing one.
Read Next: Adobe CEO’s Take On Narayana Murthy’s 70-Hour Work Week: Do What Suits You
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.