Skip to main content

Advertisement

Jolt before Diwali! LPG price hiked by Rs 2.94 for subsidised cylinder and Rs 60 non-subsidised cylinder

By
Jolt before Diwali! LPG price hiked by Rs 2.94 for subsidised cylinder and Rs 60 non-subsidised cylinder
The non-subsidised or market price LPG rates have also gone up by Rs 60 per cylinder to Rs 880.

The price of subsidised cooking gas LPG has been hiked by Rs 2.94 per cylinder due to the tax impact on the change in base price. For consumers, a 14.2-kg domestic LPG cylinder will cost Rs 505.34 from midnight tonight against Rs 502.40 now.


The non-subsidised or market price LPG rates have also gone up by Rs 60 per cylinder to Rs 880.


This is the sixth straight monthly increase in rates since June this year. The rates have gone up by Rs 14.13 per cylinder since then. The government provides subsidy on 12 cylinders per household in a year by crediting the subsidy amount directly in bank accounts of the consumers. Other LPG consumers have to buy the fuel at non-subsidised rates.


According to news agency PTI, the subsidy amount varies every month, depending on the changes in the average international benchmark LPG rate and foreign exchange rate. When international rates increase, the government provides a higher subsidy. As per tax rules, the GST on LPG has to be calculated at the market rate of the fuel. Although the government may choose to subsidise a part of the price, the tax amount will have to be paid at market rates. This has led to an increase in the price of LPG cylinders.


“While the price of non-subsidised LPG at Delhi will increase by Rs 60 per cylinder in November 2018, mainly due to change in international price and foreign exchange fluctuations, the actual impact on subsidised domestic LPG customers is only Rs 2.94 per cylinder, which is mainly due to GST,” Indian Oil Corp (IOC) said in a statement.


The domestic subsidised LPG customer is protected against the increase in prices of LPG. The subsidy transfer in customers’ bank account has been increased to Rs 433.66 per cylinder in November 2018 as against Rs 376.60 per cylinder in October 2018, PTI reported.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Comments

Post a Comment

Facebook

Ads

Popular posts from this blog

ScienceDaily: Latest Science News

By
ScienceDaily: Latest Science News Uncoordinated trade policies aid alien bee invasions One year posttransplant, recipients of hepatitis C kidneys disease-free Moderate blood sugar control targets recommended for most patients with type 2 diabetes 'Epigenetic landscape' is protective in normal aging, impaired in Alzheimer's disease Health data used to predict who will use opioids after hospitalization Restoring lipid synthesis could reduce lung fibrosis New dual-atom catalyst shows promise to yield clean energy by artificial photosynthesis Wildfires: Smoke and cloud interactions unexpectedly result in cooling Tropical forest response to drought depends on age How does resolving cannabis problems differ from problems with alcohol or other drugs? Roton quasiparticles observed in quantum gas Low blood sugar poses unaddressed threat to people with type 2 diabetes Genetic 'se...
Post a Comment
Read more

Seyi Makinde threatens to expose Ajimobi, claims his Government inherited N150bn debt

By
Governor Seyi Makinde of Oyo state has claimed that his administration inherited a minimum debt of N150 billion, adding that his administration is still checking the books to determine the actual total debt. Governor Makinde made the claim in a media chat on the state television on the occasion of his one month in office, The Nation reports. It was gathered that the governor threatened to expose his predecessor, Abiola Ajimobi , if he does not keep quiet about his (Makinde’s) administration. He said: “ We have confirmed N150b debt so far. We are still working to discover any other one. Some of them may be questionable. If you take bond, it is always tied to a particular project. If we want, we can do value-for-money audit.” According to Makinde, Oyo state receives N4.5b federal allocation while salaries and pensions stand at N5.5b, leaving the state with a shortage of N1b. The governor, however, said that all those facts were not big problems, adding that he would only be needing...
Post a Comment
Read more

Trade booster: Working with Finance Ministry to ease export credit, says Suresh Prabhu

By
Trade booster: Working with Finance Ministry to ease export credit, says Suresh Prabhu Export credit provided by banks fell sharply by about 51.3% to Rs 22,300 crore as of September 28 from a year earlier. The commerce ministry is closely working with the finance ministry to ease credit flow to the export sector, commerce and industry minister Suresh Prabhu said on Tuesday. “One of the main challenges for export is finance. There is a decline in (export) finance, so we have taken up the issue with the finance ministry…I think, the finance minister is also looking into this (as in) how we can improve the credit flow into the export sector,” Prabhu told reporters. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta has been seeking adequate credit to exporters on grounds that lack of adequate loans would crimp the growth of exports. India’s exports have been hovering around $300 billion a year since 2011-12, without substantial growth. Read also |  World’s highest...
Post a Comment
Read more