This price cut comes after two consecutive price hikes in February and March this year
LPG Price Cut: Oil marketing companies (OMCs) in India have decreased the prices of both the 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders, according to reports.
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The change will be effective from April 1, 2024, after which price of a 19 kg commercial cylinder has been decreased by Rs 30.50. In New Delhi, the new price is set at Rs 1764.50 starting from April 1. Price of the 5 kg FTL cylinder has been lowered by Rs 7.50.
On March 1, oil marketing companies announced a hike in the prices of commercial liquefied petroleum gas (LPG) gas cylinders. This revision in prices came during the fluctuations in fuel costs and market dynamics.
On February 1, the prices of Indane gas cylinders varied across metro cities, with Delhi, Kolkata, Mumbai, and Chennai each having distinct rates.
However, with the advent of March 1, consumers witnessed a notable increase in prices of Indane LPG gas cylinders across all metro cities.
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This price cut comes after two consecutive price hikes in February and March this year. Before this, prices were slashed on the eve of New Year 2024 by Rs 39.50 per 19-kg commercial cooking gas cylinder.
State-owned 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 based on the average international price in the previous month.
While specific reasons behind the recent price decrease were not stated, factors such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics are likely contributors to these adjustments.
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These consecutive revisions underscore the volatile nature of the energy market and its implications for households and businesses relying on commercial LPG cylinders, the report said.
