News Economy

LPG cylinder rates have been hiked from 2nd June to all over India.

The price hike coincides with the reopening of the economy under 'Unlock 1.0' from 1st June 2020.

Ever since the coronavirus-related lockdown began from March 25, panic buying of LPG cylinders has been reported in most parts of the country. Retailers have been emphasizing that there is no shortage of LPG cylinders in the country as there is enough stockpile of the gas to meet local demand. India’s largest fuel retailer Indian Oil Corp. Ltd (IOC) said it has reported a 20% spike in sales in April.

Indian Oil said, “After three months of consecutive low rates, the price of liquefied petroleum gas (LPG) was increased today. For the month of June 2020, there has been an increase in international prices of LPG. Due to swelling in the prices in the international market, retail selling price (RSP) of LPG in the Delhi market will show inflation by Rs 11.50 per cylinder”.

the price of LPG cylinders in India is dependent primarily on two factors – the international benchmark rate of LPG and the exchange rate of the US dollar and rupee, LPG cylinder rates are revised at the beginning of every month. Ever since August 2019, LPG was swelling each day but as bears took charge in the global energy market due to global spread of COVID-19 and related lockdowns in several countries, LPG rates were cut for three straight months till May.

Indian Oil Corps (IOC) commented,”The retail selling price of LPG in Delhi market for the month of May ’20 was reduced from Rs 744 to Rs 581.50 per cylinder for all consumers in line with a drop in international prices”.

Latest LPG cylinder rates ( Indane-non-subsidised) in India:

  1. DELHI- Rs 593
  2. MUMBAI- Rs 590.50
  3. KOLKATA- Rs 616
  4. CHENNAI- Rs 606.50

After the lockdown was enforced, The Narendra Modi government has started a new Pradhan Mantri Garib Kayan Yojana (PMGKY) to provide 3 LPG cylinders free to over 8 crore beneficiaries of the Pradhan Mantri Ujjawala Yojana (PMUY) from April to June this year.

The price hike coincides with the reopening of the economy under ‘Unlock 1.0’ from 1st June 2020. While the sales of petrol and diesel come under the list of worst-hit till the fourth phase of the lockdown which ended on 31st May 2020, LPG cylinders remained in demand. Indian Oil Corps said that in the first fortnight of may, cooking gas LPG showed a 24% rise in consumption to 1.2 million tonnes as compared with 9,65,000 tonnes in the first half of May of 2019.

Now, Bharat Petroleum Corp Ltd (BPCL) customers can book cooking gas through Whats App. The second-largest oil marketing company has launched BPCL Smartline number– (1800224344).