Commercial LPG cylinder costs slashed by Rs. 39.5: Check rates
What's the story
In a considerable relief for commercial consumers, state-run oil marketing companies slashed the price of the 19kg commercial liquefied petroleum gas (LPG) cylinder by Rs. 39.5 on Friday. This came after fuel rates witnessed a decline in the global markets. As per the revised prices, a single 19kg commercial LPG cylinder will now cost Rs. 1,757 in New Delhi, Rs. 1,710 in Mumbai, Rs. 1,868.5 in Kolkata and Rs. 1,929 in Chennai.
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Significance of Friday's price slash of commercial LPG cylinder
The state-owned Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), and the Bharat Petroleum Corporation Ltd (BPCL) control the price of cooking gas in India. Interestingly, Friday's price cut is an off-cycle change as the rates of commercial LPG cylinders are generally updated on the first day of every month, depending on the average international price in the previous month.
Information
Saudi CP softened in recent weeks
As per PTI, the Saudi contract price (CP), a benchmark used for fixing the prices of LPG, softened in recent weeks amid oversupply concerns. The latest LPG price revision has been attributed to the same.
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Commercial cylinder prices hiked earlier in December
It's worth recalling that the public sector oil marketing companies hiked the price of commercial LPG cylinders on December 1 by Rs. 21. The move came after a Rs. 57 drop in the price on November 16 and a Rs. 100 hike on November 1. However, despite the latest price revision of commercial cylinders, the rate of the domestic 14.2kg LPG cylinders used in home kitchens remained unchanged. In New Delhi, each domestic cylinder is currently retailing for Rs. 903.
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Jet fuel price reduced by 4.6% earlier this month
On the other hand, petrol and diesel prices in India continued to remain unrevised for a record 21st month in a row. For reference, diesel costs Rs. 89.62 per liter in the national capital, while petrol retails for Rs. 96.72 per liter. Earlier this month, jet fuel or aviation turbine fuel (ATF) prices were slashed by 4.6% and it now costs Rs. 1,06,155.67 per kiloliter in the national capital.