New Delhi, July 1: The price of non-subsidised LPG cooking gas will be hiked by Rs 55.50 per cylinder in New Delhi, and that of the subsidised one by a marginal Rs 2.71, effective July 1. According to Indian Oil Corporation, the increase is mainly on account of GST on revised price of domestic non-subsidised LPG.

"There is a marginal increase of Rs 2.71 per cylinder (from Rs 493.55 in June 2018 to Rs 496.26 in July 2018) in the effective price of subsidised LPG cylinder in Delhi for domestic customers for the month of July 2018," Indian Oil said in a statement on Saturday. "The increase is mainly on account of GST on revised price of domestic non-subsidised LPG."

As per the statement, the price of non-subsidised LPG at Delhi which consumers buy after exhausting their yearly quota of 12 will increase by Rs 55.50 per cylinder in July 2018 due to increase in international price of LPG by $57 per MT. "The balance Rs 52.79 (Rs 55.50 minus Rs 2.71) is being compensated to the customer by increase in subsidy transfer to their bank account," the statement said.

Accordingly, the subsidy transfer in customer's bank account has been increased to Rs 257.74 per cylinder in July 2018 as against Rs 204.95 per cylinder in June 2018. Oil companies revise the rates of LPG on the 1st of every month based on average crude price and foreign exchange rate. Prices vary at locations according to local taxes as petroleum products are not included under the pan-India GST.

(The above story first appeared on LatestLY on Jul 01, 2018 09:38 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).