New Delhi: Oil marketing companies on Tuesday announced a Rs 183.50 reduction in the price of 19-kg commercial LPG cylinders, with the revised rates taking effect from July 1. The move is expected to ease operational costs for hotels, restaurants and other commercial establishments.
Following the latest revision, the price of a 19-kg commercial LPG cylinder has been reduced from Rs 3,021 to Rs 2,930. The cylinder had touched Rs 3,198 in June after witnessing successive price hikes over the past few months.
Commercial LPG prices had remained on an upward trajectory due to volatility in the global energy market, triggered by geopolitical tensions involving the US and Iran and concerns over possible supply disruptions through the Strait of Hormuz, a crucial global energy corridor.
Oil companies had increased the price of commercial LPG cylinders by Rs 144 in March, Rs 195.50 in April, Rs 993 in May, and Rs 42 in June, resulting in a cumulative hike of Rs 1,374.50 over four months.
The latest price cut provides partial relief to commercial consumers, though industry experts believe future revisions will largely depend on movements in global crude oil prices and the international supply situation.
