The revision in rates will be implemented with immediate effect.
The marketing companies -- Indian Oil Corporation, Bharat Petroluem and Hindustan Petroleum -- say this decision has been pending for the past six months with the Ministry of Petroleum and Natural Gas. "It got approved last week and will be implemented with immediate effect," said a senior official of a Mumbai-based marketing company.
The hikes have been made to combat rising input (steel) costs, according to an official of Hindustan Petroleum. "Revision in the cost is a periodic exercise. It is linked to the cost at which the company procures the equipment (cylinder)," he said.
These companies have also been seeking an increase in the price of the cooking gas cylinder -- filled with Liquefied Petroleum Gas (LPG) -- where the difference between the actual selling price and the desired selling price is estimated to be about Rs 400. These prices have not been revised for over three years.
HPCL sells cooking gas under the brand name