 "Oil marketing companies slash commercial LPG cylinder prices by Rs 30")
Oil marketing companies on Monday announced a further reduction in the price of 19 kg commercial liquefied petroleum gas (LPG) cylinders. Effective immediately, the cost has been decreased by Rs 30, bringing the new price to Rs 1,646 in Delhi.
In Kolkata, the price of 19 kg LPG cylinders is Rs 1,756, last month it was Rs 1,787 in June. In Mumbai the price is Rs 1,598, down from Rs 1,629 and Chennai is Rs 1,809.5, down from Rs 1,840.50.
This latest adjustment continues a trend of price reductions in recent months, aimed at providing financial relief to enterprises, particularly in the food and hospitality industries. On June 1, the price of a 19 kg commercial LPG cylinder was lowered by Rs 69.50, bringing the new price to Rs 1,676. Additionally, on May 1, 2024, a reduction of Rs 19 per cylinder was implemented.
The frequent adjustments in LPG cylinder prices, typically occurring at the start of each month, are influenced by a variety of factors. These include fluctuations in international oil prices, changes in tax policies, and varying supply-demand conditions. Despite the lack of detailed reasons for the current price cut, it is evident that oil marketing companies are responding to broader economic circumstances.
These successive price reductions are crucial for businesses facing increasing operational costs in a challenging economic climate. In particular, the food and hospitality sectors, which rely heavily on commercial LPG cylinders, stand to benefit significantly. The reduced prices help these businesses manage their expenses more efficiently, potentially allowing them to offer more competitive prices to their customers.