Oil companies reduce price of 19 kg commercial and 5 kg FTL cylinders
Oil marketing companies reduced the prices of 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders, said sources.
State-backed oil marketing companies slashed prices of 19 kg commercial LPG cylinders by Rs 30 per cylinder with effect from July 1.
After this price slash, a 19 kg cylinder will now be available for Rs 1,646 in Delhi against Rs 1,676 earlier. In Mumbai, a 19 kg cylinder costs Rs 1,598 whereas it costs Rs 1,756 in Kolkata.
Notably, there will be no change in the prices of 14.2 kg LPG cylinders. These cylinders will continue to retail for Rs 803 in Delhi, Rs 829 in Kolkata, Rs 818.50 in Chennai and Rs 802.50 in Mumbai.
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It is to be highlighted that the state-owned OMCs such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the prices of cooking gas on the first of every month based on the average price of benchmark international fuel and foreign exchange rate.
While the specific reasons for the recent price reduction have not been disclosed, oil marketing companies often react to broader economic conditions in their decisions.
This move is particularly significant given the current economic climate. Businesses, especially those in the food and hospitality sectors, heavily rely on commercial LPG cylinders for their operations. The price cuts provide some much-needed financial relief, enabling these businesses to better manage their operating costs and potentially pass on some savings to consumers.
Additionally, the government has been proactive in promoting the use of LPG cylinders for cooking in homes through various schemes such as the Pradhan Mantri Ujjwala Yojana. It provides subsidies to eligible families, encouraging the adoption of cleaner cooking fuels and improving living standards.
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