In line with decreasing global rates, the cost of commercial LPG, used by hotels, restaurants, and other commercial establishments, was reduced by 36, today on 1st August. Only commercial LPG cylinders are eligible for this price decrease; and not the domestic LPG cylinders.
According to a price notification from state-owned fuel retailers, the cost of a 19-kg commercial LPG cylinder in the nation's capital has dropped below Rs 2,000 and will now cost Rs 1976.50 in Delhi as opposed to Rs 2012.05. A 19-Kg commercial cylinder will now be offered in Mumbai for Rs. 1936.50 rather than RS. 1972.50. The cost of a 19-kg cylinder in Kolkata will be Rs 2095.50 instead of Rs 2132. Starting today, the cost of a 19-kg cylinder in Chennai would be Rs 2,141as opposed to 2177.50. After the price cut, a 19-kg cylinder in Bengaluru would cost Rs 2063.50. From today, a 19-kg cylinder will cost Rs 2197.50 in Hyderabad.
This is the second rate cut in a month. The cost of a 19-kg bottle was reduced by Rs 8.50 on July 6. Based on the incidence of local taxes like the VAT, rates vary from state to state. States with higher taxes have higher prices.
As investors prepared for this week's meeting of OPEC and other major producers to discuss supply changes, oil prices fell early on Monday.
Brent crude futures LCOc1 went down 63 cents, or 0.6 percent, to $103.34 a barrel by 0000 GMT. As of the beginning of trading in Asia, U.S. West Texas Intermediate oil was trading at $97.87 a barrel, down 75 cents or 0.7 percent from its session low of $97.55.
On Friday, both contracts recovered more than $2 a barrel as investor risk appetite increased. However, because of skyrocketing inflation and rising interest rates, which are raising concerns about a potential recession that would reduce fuel demand, both Brent and WTI closed July with their second consecutive monthly losses for the first time since 2020.
On Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, will meet to settle on the output for September.
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.
