Prices of 19-kg commercial cylinders slashed by ₹69.50. Check new rates

Oil marketing companies slashed prices of commercial LPG gas cylinders by ₹69.50 with immediate effect from June 1.

With this, the retail sales price of 19kg commercial LPG cylinder in Delhi stood at ₹1676. This follows similar reductions in other metro cities across India, reported news agency ANI.

Mumbai will also see a ₹69.50 reduction with the new price set at ₹1,629. In Chennai, the price stands at ₹1,841.50 while in Kolkata the price is ₹1,789.50 after the price cut.

This change in prices of cylinders comes after the previous announcement made on March 1 by oil marketing companies when the rate of 19 kg commercial LPG cylinders was lowered by ₹19. The consecutive cut in price signal a positive trend for businesses grappling with operating costs amid economic challenges. Earlier in April, the prices of 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders were slashed by ₹30.50 and ₹7.50, respectively.

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 price decrease remain undisclosed, various factors, such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments.

The government is running various schemes to promote the use of LPG cylinders for cooking in homes, like Pradhan Mantri Ujjwala Yojana, which provides subsidies to eligible families.

However, the Opposition has often taken potshots at the BJP-led Centre for failing to rein in fuel prices and its ripple effect on the prices of essential food items and other commodities.