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LPG and kerosene prices to go up

LPG and kerosene prices to go up

Posted on : 25/Jun/2014 No. Of Views :
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The Central Government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs.5 per cylinder and Rs.0.50-1 a litre every month to wipe out Rs.80,000 crore subsidy on the two fuels.

The previous UPA government had in January 2013 decided to raise diesel prices by up to 50 paisa/litre

Following the diesel model, the oil ministry is now proposing monthly increases in LPG and kerosene rates, sources privy to the development said.

Subsidy on LPG currently is a staggering Rs.432.71 per 14.2-kg cylinder and at Rs.5 per month increase it will take 7 years to wipe out the subsidy.

On kerosene, the subsidy currently is Rs.32.87 per litre and at Re 1 hike per month it would take more than two-and-a- half years to wipe out the subsidy.