The prices of a 19-kg LPG cylinder in Delhi has been slashed by Rs 36 with effect from Monday, August 1, state-owned retailers said in a notification on the day. From today, the price of a 19 kg commercial cylinder will now be Rs 1976, while in Kolkata it will be priced at Rs 2095.50, Rs 1936.50 in Mumbai and Rs 2141 in Chennai. However, as mentioned earlier, the price of a 14.2-kg domestic cooking cylinder has remained unchanged.
According to the new rate released by Indian Oil today i.e. on August 1, the price of LPG cylinder has been cut by Rs 36. This is the second reduction in rates in a month’s time. On 6 July, the price was cut by Rs 8.50 per 19-kg bottle. Rates differ from state to state depending on the incidence of local taxes such as VAT. Prices are higher in states with higher taxes.
In July, the price of a 19-kg LPG cylinder in Delhi has been slashed by Rs 198. Earlier, the price was slashed by Rs 135 with effect from June 1. However, the price of a 14.2-kg domestic cooking cylinder has remained unchanged. Consumers of domestic LPG cylinders, on the other hand, were hit by a hike in July. The prices of domestic cooking cylinders were hiked on July 6. As per state-owned oil marketing companies, Liquefied Petroleum Gas cylinders used in a domestic household went through a price hike of Rs 50. After the latest hike, domestic LPG cylinders cost Rs 1,053 in Delhi, up by Rs 50, from the earlier Rs 1,003 per cylinder. Earlier, in May, the price of domestic cylinders was hiked by Rs 50 per liter for the first time on May 7. On May 19, the price of domestic LPG cylinders had gone up.
Meanwhile, oil prices dropped early on Monday as investors braced for this week’s meeting of officials from OPEC and other top producers on supply adjustments.
Brent crude futures dropped 63 cents, or 0.6 per cent, to $103.34 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was at $97.87 a barrel, down 75 cents, or 0.7 per cent, after hitting a session low of $97.55 when trading commenced in Asia.
Both contracts rebounded more than $2 a barrel on Friday as risk appetite improved among investors. However, both Brent and WTI ended July with their second straight monthly losses for the first time since 2020, as soaring inflation and higher interest rates raise fears of a recession that would erode fuel demand.
The Organization of the Petroleum Exporting Countries (OPEC)and allies including Russia, a group known as OPEC+, will meet on Wednesday to decide on September output.
Meanwhile, the fuel prices in India have been steady since May 21. On August 1, the prices for petrol and diesel remain unchanged, causing relief to the people. In Delhi, the petrol price stood at Rs 96.72 a litre and the retail price of diesel is Rs 89.62 a litre. In Mumbai, petrol consumers will pay Rs 106.31 per litre and the retail price of diesel in the financial capital is Rs 94.27 per litre. In Kolkata, consumers will be paying Rs 106.03 per litre, while diesel will on Monday retail at Rs 92.7. In Chennai, the price of petrol stands at Rs 102.63 per litre, while the retail price of diesel is Rs 94.24 per litre.
Read all the Latest News and Breaking News here
Comments
0 comment