Business News, National, New Delhi, February 15:- The Oil Marketing Companies (OMCs) have increased the petrol and diesel prices by 27 paise and 31 paise per litre respectively on Monday (February 15) for the seventh consecutive day.
In Mysuru, the petrol price is 91.55 per litre and diesel Rs 83.73 per litre on Monday.
Petrol and diesel prices have gone up in the national capital also and stood at Rs 88.99 per litre and Rs 79.35 per litre, respectively on Monday.
Earlier, during her budget speech, Union Finance Minister Nirmala Sitharaman had announced the imposition of Agriculture Infrastructure and Development Cess (AIDC) of Rs 2.5 per litre on petrol and Rs 4 per litre on diesel.
The price of liquefied petroleum gas cylinder (14.2 kg domestic cylinder) has also been increased by Rs 50 per unit Sunday in Delhi. The LPG gas cylinder will cost Rs 769 per cylinder in Delhi from today.
This is the second hike on the rates of LPG cylinder in February. Earlier, on February 4, the prices of a cylinder were hiked across four major cities by Rs 25.
The hike on cylinder comes within days of petrol and diesel rates touching all-time highs in the four metropolitan cities of India. On Sunday, fuel rates saw an increase by 30 paise for the sixth straight day.
The prices of the LPG cylinder depend on international fuel rates and US dollar-rupee exchange rates. In India, state-run oil companies determine the prices which are revised every month. The rates vary due to different taxes in different parts of the country.
Presently, the government of India is offering subsidy on 12 LPG cylinders of 14.2 kilograms per household every year. The amount of subsidy on the annual quota of 12 refills varies.
Even though the government provides a subsidy, many have voluntarily given up the concession under the government’s “Give Up LPG subsidy” campaign, easing pressure on the state and helping poor get gas connections free of cost. (NAV, Inputs: Agencies)