Petrol, diesel price up 80 paise a litre; Rs 50 hike in LPG rates

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New Delhi, March 22

Petrol and diesel prices were on Tuesday hiked by 80 paise a litre while domestic cooking gas prices were increased by Rs 50 per cylinder, ending an over four-and-half month election-related hiatus in rate revision, sources said.

Petrol in Delhi will now cost Rs 96.21 per litre as against Rs 95.41 previously while diesel rates have gone up from Rs 86.67 per litre to Rs 87.47.

Simultaneously, the price of a non-subsidised LPG cylinder has been increased to Rs 949.50 for each 14.2-kg bottle in the national capital.

While LPG rates were last revised on October 6, 2021, petrol and diesel prices had been on a freeze since November 4 as five states including Uttar Pradesh and Punjab went for polls.

LPG prices had gone up by close to Rs 100 per cylinder between July and October 6, 2021, before criticism halted the revision in rates.

Both LPG and auto fuel prices had been on a freeze since then despite the cost of raw material spiralling. Initially because of demand returning with economies globally rebounding from the pandemic induced slowdown and then due to the Russia-Ukraine conflict.

The government pays no subsidy on LPG in most cities and the price of the refill that consumers, including the poor women who got free connection under the much-talked Ujjwala scheme, is the same as non-subsidised or market price LPG.

Sources said a 5-kg LPG cylinder will now cost Rs 349 while the 10-kg composite bottle will come for Rs 669.

The 19-kg commercial cylinder now costs Rs 2003.50.

Also Read: Opposition walks out of Lok Sabha over fuel price hike

The twin blows of oil prices, already up more than 60 per cent this year, and a weakening rupee may hurt the nation's finances, upend a nascent economic recovery and fire up inflation.

The Tribune