Commercial LPG (Liquefied Petroleum gas) gas cylinder price has been slashed by ₹19 with effect from Wednesday, May 1, after Oil marketing companies updated prices. The retail sales price of 19 kg commercial LPG cylinder is ₹1,745.50 in the national capital, Delhi from today with the latest revision.
Last month, the 19-kg commercial LPG gas cylinder prices were updated to ₹1764.50 where price cut of ₹30.50 was witnessed.
Price update was witnessed in Mumbai city as well where revised rates now stand at ₹1,698.50 that have been slashed by ₹19 which mark a plunge from ₹1,717.50 last month.
Also read: Oil prices decline amid Israel-Hamas peace talks, Fed rate cut expectations
In Chennai, a commercial 19 kg cylinder would now cost ₹1,911 with the latest revision. A commercial 19 kg cylinder would now cost ₹1,859 in Kolkata as the prices were slashed by ₹twenty.
This change in LPG cylinder prices comes at a time when global oil prices registered a fall. Meanwhile, it is important to note that revisions of prices for both commercial and domestic LPG cylinders typically take place on the first day of every month.
Also read: Crude oil prices set to end April flat amid easing Middle East tensions
The rising crude inventories in the US and the expectations of a ceasefire agreement in the Middle East may be the reasons for the fall in oil prices. Various factors including changes in international oil prices, shifts in taxation policies, and supply-demand dynamics are the factors that influence price changes.
The grand old party, Congress has often launched attacks at the ruling BJP-led National Democratic Alliance (NDA) at the Center for failing to control fuel prices. High fuel and oil prices have a ripple effect on the prices of essential food items and other commodities.
Also read: Oil prices down nearly 1% on growth concerns, high US inventory
As per a government notification, the central government has reduced windfall tax on crude petroleum. Thus, the special additional excise duty (SAED) on crude petroleum has also undergone revision as a rate cut has been implemented. The SAED earlier stood at ₹9,600 per tonne which has now been revised to ₹8,400 per tonne. On April 16, the government had updated the windfall tax on petroleum crude to ₹9,600 per cent tonne from ₹6,800.
(With agency inputs)
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