India is losing the advantage of low international oil prices as its cost of crude imports in the rupee terms has surged by 69% in just two months, forcing state-run oil marketing companies to raise cooking gas prices for the first time after February by Rs 11.50 per cylinder.
“For the month of June 2020, there has been an increase in international prices of LPG. Due to an increase in the prices in the international market, the RSP [retail selling price] of LPG in the Delhi market will be increased by Rs 11.50 per cylinder,” state-run Indian Oil Corporation (IOC) said in a statement on Sunday.
A 14.2 kg cooking gas cylinder in Delhi is now priced at Rs 593. Prices in other cities will vary depending on local levies.
