On 1 July, in its monthly revision, prices of LPG cylinders were marginally raised by Re 1 to Rs 4.5 by the state-owned Indian Oil Corporation Limited (IOC). This is the second consecutive monthly hike in non-subsidised 14.2 kg LPG (liquified petroleum gas) cylinder rates after a sharp reduction in the month of May.
|Cities||Prices with effect from 1 July 2020 (Rs)||Previous price (Rs)||Change (Rs)|
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The hike comes after the international oil prices have largely stabilised as fuel demand recovered from lows seen in April and early May due to the lockdown measures across the world, to curb the coronavirus pandemic. Brent crude, the benchmark for global oil rates has been trading within $39 to $42 range in June, recovering from the sharp corrections seen in the previous two months.
Weakness in the Indian rupee also affects fuel prices in India.
Households in India are allowed a maximum of 12 LPG cylinder purchases per year at subsidized rates. However, cylinders have to be bought at full price at the time of purchase, and the subsidy is then credited to the customer's bank account by the government.