Public Sector Undertakings (PSUs) owned oil marketing companies have lowered the new prices of 19 kg commercial LPG cylinders by ₹ 30 per cylinder from July 1. Currently, in Delhi, the 19 kg cylinder has been reduced to ₹1,646, down from ₹1,676. Likewise, for Mumbai, the new price is ₹ 1,598, and the previous price was ₹ 1,676. New rates will require Kolkata residents to pay ₹1,756 for a 19 kg cylinder as opposed to ₹1,786.
However, the prices of 14.2 kg domestic LPG cylinders did not experience any alteration. These cylinders will remain priced at ₹ 803 in Delhi, ₹ 829 in Kolkata, ₹ 818.50 in Chennai, and ₹802.50 in Mumbai.
LPG, under the oil marketing companies IOC, BPCL, and HPCL, standards its price on a monthly basis, primarily looking at the international benchmark fuel prices, exchange rates, and other foreign exchange linked rates. This keeps the consumer price index up to date as it rests on the idea that the prices change often depending on the current market prices.
The previous commercial LPG price cuts have been reached in a situation with the oscillations in the global oil markets accompanied by changes in the exchange rates that affect the LPG import price gradually. These adaptations are to retain the LPG price for the commercial user to remain as low as possible, as well as to balance and control the LPG domestic price to support Indian families in all regions.
This has called on the consumers to seek this information from their respective gas distributors or by visiting OMCs’ websites in order to ascertain the prices of LPG. The price mechanism assists the OMCs in controlling costs and also makes sure that they charge reasonable tariffs to both commercial and domestic consumers.
The change in the price of LPG mobile is incremental and reflects the ongoing efforts of the government and OMCs to adjust the price regulated at the market level and make it affordable for the consumer. This approach helps maintain economic stability, and it also practically guarantees that LPG will continue to be available for use in cooking, which is essential for millions of households in the country.
Future changes of LPG prices in the global energy markets will, therefore, be informed by the global trends and movements in currency exchange rates, and hence, periodic price adjustment by OMCs is relevant.
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