New Delhi: Effective May 1, oil marketing companies (OMCs) have initiated a reduction in the prices of commercial LPG gas cylinders.
With this, Delhi retail sales price of 19kg commercial LPG cylinder stood at Rs 1,745.50. This follows similar reductions in other metro cities across India.
Mumbai will also see a Rs 19 reduction with the new price set at Rs 1,698.50. In Chennai, the price stands at Rs 1,911 while in Kolkata the price is Rs 1,859 after a Rs 20 cut.
The cut in prices is consistent with the recent decrease in global oil prices that have fallen for the third consecutive day owing to rising crude inventories in the US and growing optimism about a potential ceasefire agreement in the Israel-Hamas war.
It’s worth noting that oil marketing companies like Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Ltd (HPCL) typically revise LPG prices on the first of every month.
In April, these companies also announced a reduction in the prices of 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders.
Brent LCOc1 crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June CLc1 declined 53 cents, or 0.6%, to $81.40 per barrel, Reuters reported.