Non-subsidy LPG rates hiked by Rs 50

New Delhi: Indian Oil Corp hiked prices of cooking gas cylinders by around Rs 50 that will be effective from Friday, January 1, 2016. The market price of a non-subsidised liquefied petroleum gas cylinder of 14.4 kg is now Rs.657.50 in Delhi, Rs.686.50 in Kolkata, Rs.671 in Mumbai and Rs.671.50 in Chennai. This is the second such successive hike in less than two months. Prices were last increased in December by around Rs.60 per cylinder. Also from January 1, 2016, cooking gas consumers with taxable income of more than Rs.10 lakh per year will no longer get benefit of the subsidy on gas cylinders, the government has announced. To be applicable from the New Year, the directive would be effected "beginning on a self-declaration basis", petroleum ministry said. Meanwhile, with the Indian basket of crude oils again in free fall towards the $30 a barrel mark, prices of aviation turbine fuel or jet fuel, were reduced by a steep 10% effective from Friday to Rs.39, 892.32 per kl in Delhi from Rs.44, and 320.32 per kl. This caused airlines` stocks to hit fresh record highs in intra-day trade on hopes of a boost in companies` profitability. Indian Oil Corporation has also announced reduce in transport fuel prices effective from January 1,2016, with petrol prices per litre being reduced by Rs.0.63 and diesel by Rs.1.06, both at Delhi, with corresponding price revision in other states. Petrol per litre now costs Rs.59.35 in Delhi, Rs.65.12 in Kolkata, Rs.66.40 in Mumbai and Rs.59.77 in Chennai. The price of diesel per litre from January 1 is Rs.45.03 in Delhi, Rs.48.80 in Kolkata, Rs.52.16 in Mumbai and Rs.46.25 in Chennai.