Oil marketing companies (OMCs) in India have announced a reduction in the prices of both 19 kg commercial cylinders and 5 kg Free Trade LPG (FTL) cylinders, according to recent reports. The price adjustments are set to be effective from April 1, 2024, offering relief to consumers amidst the backdrop of fluctuating fuel costs and market dynamics.
Starting from April 1, the price of a 19 kg commercial cylinder has been decreased by Rs 30.50, bringing the new price in New Delhi to Rs 1764.50. Similarly, the price of the 5 kg FTL cylinder has been lowered by Rs 7.50, providing some respite to consumers facing budgetary constraints.
The announcement of the price reduction follows a series of changes in the prices of commercial liquefied petroleum gas (LPG) cylinders over the past months. On March 1, OMCs announced a hike in prices, reflecting the volatile nature of the energy market influenced by factors such as international oil prices, taxation policies, and supply-demand dynamics.
Earlier this year, consumers experienced varying prices of Indane gas cylinders across metro cities like Delhi, Kolkata, Mumbai, and Chennai. However, the advent of March 1 brought a notable increase in prices across all these cities, marking two consecutive months of price hikes.
State-owned oil corporations such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) regularly revise cooking gas prices on the 1st of every month based on the average international prices from the previous month. While the specific reasons behind the recent price decrease were not explicitly stated, it is evident that market dynamics play a crucial role in determining these adjustments.
These consecutive revisions underscore the volatile nature of the energy market and highlight the challenges faced by households and businesses reliant on commercial LPG cylinders. As OMCs continue to navigate through fluctuating market conditions, consumers can expect further adjustments in the future, underscoring the importance of staying informed about changes in energy prices.
(Source: ANI)
