Oil Market Dynamics: Commercial LPG Price Cut Amidst Global Crude Trends
Oil marketing companies have slashed the price of commercial LPG cylinders by Rs 58.50, effective July 1, providing relief to commercial users. Concurrently, global crude prices are predicted to decline owing to improved geopolitical situations and increased supply. Monitoring measures for ELVs have been implemented in Delhi fuel stations.
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- India
In a move that offers relief to commercial consumers, oil marketing companies have reduced the prices of 19 kg commercial LPG gas cylinders by Rs 58.50. The new rates, effective July 1, have lowered the cost for businesses, including hotels and restaurants, with Delhi witnessing a price drop to Rs 1665 per cylinder.
Elsewhere, the rates now stand at Rs 1,616 in Mumbai, Rs 1,769 in Kolkata, and Rs 1,823.50 in Chennai. The price adjustment comes even as the cost of 14.2 kg domestic LPG cylinders remains unchanged. Meanwhile, petrol pumps across Delhi have posted notices cautioning against fueling End-of-Life Vehicles, effective from July 2025.
Globally, crude oil prices are forecasted to decline, as highlighted by a recent ICICI Bank report. Factors include easing geopolitical tensions and an increase in supply. The May supply-demand report showed a net supply surplus, further reflecting an oversupplied market despite rising demands as compared to April.
(With inputs from agencies.)
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