Synopsis: Oil companies have lowered LPG gas cylinder prices by INR 19, marking a significant reduction. This adjustment reflects the latest revisions in response to market dynamics.
The retail price of commercial LPG (Liquefied Petroleum Gas) cylinders has been reduced by INR 19, effective Wednesday, following updates from oil marketing companies. In Delhi, the revised price for a 19 kg commercial LPG cylinder is now INR 1,745.50. Similar price adjustments have been observed in other cities like Mumbai and Kolkata, where rates have been slashed by INR 19 and INR 20 respectively.
Last month, prices for 19 kg commercial LPG cylinders were updated to INR 1,764.50, with a reduction of INR 30.50. This adjustment coincides with a global decline in oil prices, attributed to factors such as increased crude inventories in the US and expectations of a ceasefire in the Middle East.
Price revisions for both commercial and domestic LPG cylinders typically occur on the first day of each month and are influenced by various factors including international oil prices, taxation policies, and supply-demand dynamics.
The Congress party has frequently criticized the ruling BJP-led National Democratic Alliance (NDA) for its perceived failure to control fuel prices, which have broader implications on the cost of essential commodities.
In response to these concerns, the central government has reduced the windfall tax on crude petroleum, leading to a revision in the special additional excise duty (SAED) from INR 9,600 to INR 8,400 per tonne.
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