LPG cylinder price cut: Oil marketing companies slashed prices of commercial LPG gas cylinders by 69.50 with immediate effect from June 1. With this, the retail sales price of 19kg commercial LPG cylinder in Delhi stood at 1676. This follows similar reductions in other metro cities across India, reported news agency ANI.

The government is running various schemes to promote the use of LPG cylinders for cooking in homes (Bloomberg file photo.)

Mumbai will also see a 69.50 reduction with the new price set at 1,629. In Chennai, the price stands at 1,841.50 while in Kolkata the price is 1,789.50 after the price cut.

Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!

India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows

This change in prices of cylinders comes after the previous announcement made on March 1 by oil marketing companies when the rate of 19 kg commercial LPG cylinders was lowered by 19. The consecutive cut in price signal a positive trend for businesses grappling with operating costs amid economic challenges. Earlier in April, the prices of 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders were slashed by 30.50 and 7.50, respectively.

Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas prices on the 1st of every month.

PM Narendra Modi announces reduction in LPG cylinder price, Opposition questions timing

While the precise reasons behind the price decrease remain undisclosed, various factors, such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments.

The government is running various schemes to promote the use of LPG cylinders for cooking in homes, like Pradhan Mantri Ujjwala Yojana, which provides subsidies to eligible families.

LPG cylinder prices slashed by 19. Check latest rates in Delhi, Mumbai, Chennai and Kolkata

However, the Opposition has often taken potshots at the BJP-led Centre for failing to rein in fuel prices and its ripple effect on the prices of essential food items and other commodities.

(With inputs from ANI)

Disclaimer: This report is auto-generated from other news portal services. Realtimeindia holds no responsibility for its content.