comScore
Active Stocks
Fri Sep 22 2023 15:58:38
  1. Tata Steel share price
  2. 126.7 -0.86%
  1. HDFC Bank share price
  2. 1,529.2 -1.57%
  1. State Bank Of India share price
  2. 598.1 1.67%
  1. Power Grid Corporation Of India share price
  2. 199.1 -1.34%
  1. Tata Motors share price
  2. 621.1 -0.93%
Business News/ Industry / Energy/  Indian Oil cuts commercial LPG price by 83.5, ATF by 7%
Back

New Delhi: Indian Oil Corporation (IOCL) announced on Thursday a reduction in prices of liquefied petroleum gas (LPG) for commercial users and domestic aviation turbine fuel (ATF), as global oil prices continue to decline.

The price of a 19-kg cylinder of commercial LPG, commonly used by hotels and restaurants, has been reduced by 83.5 to 1,773 in Delhi, according to IOCL. In Kolkata, the price dropped by 85 to 1,876, while in Mumbai it fell by 83.5 to 1,725, and in Chennai by 84.5 to 1,937.

Furthermore, the rates for ATF have been cut by 6.9%. In Delhi, ATF prices have been reduced by 6,632.25 to 89,303.09 per kilolitre. The revised prices in Kolkata, Mumbai, and Chennai now stand at 95,963.95, 83,413.96, and 93,041.33 per kilolitre, respectively.

IOCL and other state-run fuel retailers adjust the prices of LPG and ATF on the first day of each month, based on the average international prices from the previous month. These price reductions provide some relief to businesses, particularly those in the hospitality sector.

However, the price of 14.2-kg domestic gas cylinders that are used in households for cooking, remains unchanged.

Currently, domestic cooking gas costs 1,003 per 14.2-kg cylinder in New Delhi. In Kolkata, Mumbai and Chennai, the rates are 1,029, 1,002.5, and 1,018.5 respectively.

The rate of domestic LPG cylinders was last revised in 2022. It was hiked four times last year with a cumulative rise of 153 - 50 in July, 50 and 3.50 in May and 50 in March.

"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 01 Jun 2023, 09:06 PM IST
Next Story
Recommended For You
Switch to the Mint app for fast and personalized news - Get App