The price of commercial LPG, used by hotels, restaurants and other business establishments, was cut by ₹36 per 19-kg cylinder on Monday in line with softening international rates. This reduction in price is only valid for commercial ones, and not the domestic LPG cylinders.
The price of a 19-kg commercial LPG cylinder in the national capital has fallen below ₹2,000 and will now costs ₹1976.50 in Delhi as against ₹2012.50 previously, according to a price notification from state-owned fuel retailers. In Mumbai, a 19-Kg commercial cylinder will now be available at ₹1936.50 instead of RS 1972.50. In the city of Kolkata 19-kg cylinder will cost ₹2095.50 instead of ₹2132. In Chennai from today, the price of 19-kg cylinder will be ₹2,141 instead of 2177.50. In Bengaluru, after the reduction 19-kg cylinder will cost ₹2063.50. In Hyderbad the price of 19-kg cylinder will be ₹2197.50 from today.
This is the second reduction in rates in a month’s time. On 6 July , the price was cut by ₹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.
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%, 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%, 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.
Two of eight OPEC+ sources in a Reuters survey said a modest increase for September will be discussed at the Aug. 3 meeting, while the rest said output would likely be held steady. The meeting comes after U.S. President Joe Biden visited Saudi Arabia last month.
*With inputs from agencies
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