Prices of commercial LPG, the one used in hotels and restaurants, were cut by Rs 183.50 per 19-kg cylinder on Wednesday — the first reduction in rates this year.
Commercial LPG now costs Rs 2,930 per 19-kg cylinder, oil companies said.
Commercial LPG rates hit an all-time high of Rs 3,113 per 19-kg cylinder last month as the West Asia crisis fueled a spike in crude oil prices.
This is the first reduction in commercial cooking gas rates this year following a series of hikes in the wake of the West Asia crisis that caused energy supply disruptions across the globe.
Commercial LPG rates are revised on the 1st of every month based on average benchmark rates in the previous month.
However, the price of domestic 14.2-kg LPG cylinders remained unchanged at Rs 942. Its rates were last hiked by Rs 29 on June 7.
