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India extends subsidy on cooking gas by a year

Reuters
·1-min read
A man carries an LPG cylinder on his shoulder at a wholesale market in the old quarters of Delhi

NEW DELHI (Reuters) -India will extend a subsidy on cooking gas by a year at a cost of 120 billion rupees ($1.45 billion), the country's commerce minister said on Thursday, weeks before national elections in which Prime Minister Narendra Modi will seek a third term.

Modi's government already hiked the subsidy for low income households twice last year to 300 rupees per liquefied petroleum gas (LPG) cylinder from 200 rupees earlier to rein in inflation.

The announcement with benefit 102 million people, the government said.

India imports about 60% of its liquefied petroleum gas requirement and LPG prices globally have surged more than 300% since April 2020.

($1 = 82.6890 Indian rupees)

(Reporting by Shivam Patel in New Delhi; Editing by Kirsten Donovan)