In a move that is expected to provide relief to businesses, oil marketing companies have announced a reduction in the prices of commercial LPG cylinders by ₹69.50 with immediate effect from June 1. The retail sales price of a 19kg commercial LPG cylinders in Delhi now stands at ₹1,676, according to a report by news agency ANI.
This price cut follows similar reductions in other major metro cities across India. In Mumbai, the new price for a 19kg commercial LPG cylinder is set at ₹1,629. In Chennai, the price has been adjusted to ₹1,841.50, while in Kolkata, the price is now ₹1,789.50.
Previous Price Adjustments
This latest price reduction comes after a previous cut announced on March 1, when the rate of 19kg commercial LPG cylinders was lowered by ₹19. Additionally, in April, the prices of 19kg commercial cylinders and 5kg FTL (Free Trade LPG) cylinders were reduced by ₹30.50 and ₹7.50, respectively.
Positive Trend for Businesses
The consecutive cuts in LPG prices signal a positive trend for businesses grappling with operating costs amid economic challenges. These reductions are expected to ease some financial pressure on enterprises that rely heavily on LPG for their operations.
Monthly Price Revisions
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas prices on the 1st of every month. While the precise reasons behind the recent price decrease remain undisclosed, factors such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics are likely contributors.
Government Schemes Promoting LPG Usage
The government is actively promoting the use of LPG cylinders for cooking in homes through various schemes, including the Pradhan Mantri Ujjwala Yojana, which provides subsidies to eligible families. These initiatives aim to increase the accessibility and affordability of LPG, thereby encouraging its adoption for domestic use.
The reduction in LPG prices is a welcome relief for many businesses and households alike, providing a much-needed break in operating costs and living expenses. As international oil prices and domestic economic conditions fluctuate, further adjustments in LPG pricing are anticipated in the coming months.