The price of LPG (Liquefied Petroleum Gas) cylinders has been hiked once again on Thursday, May 19, for the second time in a row this month. The price of a domestic LPG cylinder has been raised by Rs. 3.50 and the price of a commercial cylinder has been hiked by Rs 8. With this increase, the domestic cylinder in all cities across the country now costs over Rs 1000.
Revised rate of domestic LPG cylinders
Earlier, LPG cylinder prices were hiked by Rs 50 on May 7 after which the cost of the cylinder crossed the 1,000-mark in several cities. However, in the national capital, the price was left just 50 paise short of crossing the mark. Nevertheless, after today’s hike, Delhi has also crossed the Rs 1000 mark.
The previous prices of domestic LPG cylinders
The prices of commercial cylinders have been hiked too. From May 19 onwards commercial LPG cylinders will cost over Rs 2000 in all cities across the country.
Revised rate of commercial LPG cylinders
Why are fuel rates increasing?
The hike in fuel rates is influenced by international market trends and rupee-dollar exchange. International oil prices have been on the rise this year. The prices jumped to a 13-year high of USD 140 per barrel in March and the Indian rupee tumbled to a near Rs 77 against the dollar. Also since India relies on the import of oil from other countries to meet about 85 per cent of its oil requirement, any inflex in the oil prices in the international market impacts the domestic rates drastically