India Defends INR29 Increase in LPG Prices

MT Newswires Live06-08 10:42

The Ministry of Petroleum & Natural Gas has defended a recent 29-Indian-rupee increase in domestic liquefied petroleum gas (LPG) prices, saying Indian households still pay among the lowest cooking gas rates globally.

The defense came after opposition parties criticized the price hike, which went into effect Sunday.

The cost of a standard 14.2-kg LPG cylinder in Delhi has risen to 942 rupees from 913 rupees following the latest price hike.

This marks the second major hike since the Middle East conflict began in February, following a 60-rupee increase on March 7.

LPG cylinders are mainly sold by oil marketing companies, including Indian Oil Corporation (NSE:IOC, BOM:530965), Hindustan Petroleum Corporation (NSE:HINDPETRO, BOM:500104), and Bharat Petroleum Corporation (NSE:BPCL, BOM:500547).

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