The Oil and Gas Regulatory Authority (OGRA) on Monday announced a substantial increase in the price of Liquefied Petroleum Gas (LPG).
The revised rates, effective from January 01, 2024, reveal a significant jump of Rs1.57 per kg, pushing the cost to Rs256.43 per kg.
The adjustment comes as a blow to consumers who were accustomed to the previous rate of approximately Rs254.86 per kg.
The Rs1.57 per kg hike translates into a notable uptick in expenses for households relying on LPG for their cooking and heating needs. The new rates are poised to challenge household budgets already grappling with inflationary pressures.
11.8 kg cylinder cost witnesses surge
For those utilising the standard 11.8 kg LPG cylinder, the revised cost now stands at Rs3,025.87. This marks an increase of Rs18.52 per cylinder from the previous price of Rs3,007.35, further intensifying the economic burden on consumers.
The hike in cylinder prices is expected to impact a wide spectrum of consumers, including both urban and rural households.
Industry reacts to regulatory move
The LPG price hike has triggered reactions from various quarters, with consumers expressing concern over the growing cost of essential commodities.
Industry experts point to factors such as international market dynamics, supply chain challenges, and fluctuating oil prices as potential contributors to the increase.
