LPG gas cylinder rate cut: Oil companies review prices, slash rates by ₹19; check new price here

LPG gas cylinder rate cut: Oil companies review prices, slash rates by ₹19; check new price here
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Commercial LPG (Liquefied Petroleum gas) gas cylinder price has been slashed by 19 with effect from Wednesday, May 1, after Oil marketing companies updated prices. The retail sales price of 19 kg commercial LPG cylinder is 1,745.50 in the national capital, Delhi from today with the latest revision.

Last month, the 19-kg commercial LPG gas cylinder prices were updated to 1764.50 where price cut of 30.50 was witnessed.

Price update was witnessed in Mumbai city as well where revised rates now stand at 1,698.50 that have been slashed by 19 which mark a plunge from 1,717.50 last month.

In Chennai, a commercial 19 kg cylinder would now cost 1,911 with the latest revision. A commercial 19 kg cylinder would now cost 1,859 in Kolkata as the prices were slashed by twenty.

This change in LPG cylinder prices comes at a time when global oil prices registered a fall. Meanwhile, it is important to note that revisions of prices for both commercial and domestic LPG cylinders typically take place on the first day of every month.

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The rising crude inventories in the US and the expectations of a ceasefire agreement in the Middle East may be the reasons for the fall in oil prices. Various factors, such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics are the factors that influence price changes.

The grand old party, has often launched attacks at the ruling BJP-led National Democratic Alliance (NDA) at the Center for failing to control fuel prices. High fuel and oil prices have a ripple effect on the prices of essential food items and other commodities.

As per a government notification, the central government has reduced windfall tax on crude petroleum. Additionally, the special additional excise duty (SAED) on crude petroleum has also undergone revision as a rate cut has been implemented. The SAED earlier stood at 9,600 per tonne which has now been revised to 8,400 per tonne. On April 16, the government had updated the windfall tax on petroleum crude to 9,600 per cent tonne from 6,800.

(With agency inputs)

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