Oil marketing companies have once again raised the prices of commercial LPG cylinders, with the new rates taking effect from Tuesday, October 1. The price of a 19 kg LPG cylinder has gone up by Rs.48.50, now costing Rs.1,740 in Delhi, up from the previous Rs.1,691.50. Additionally, the price of a 5 kg Free Trade LPG cylinder has been increased by Rs.12.
This latest hike comes just ahead of the festive season, affecting businesses that rely on these cylinders for their daily operations. The increase follows a similar price hike on September 1, when the cost of a 19 kg cylinder was raised by Rs.39. Earlier, on July 1, the price of a 19 kg commercial LPG cylinder had been reduced by Rs.30 to provide some relief to businesses.
Although the exact reasons for the recent price hike haven't been officially revealed, it is likely due to a mix of global and domestic factors. Fluctuations in global crude oil prices often affect LPG rates. Recent geopolitical tensions in the Middle East, particularly Israel's raids in Lebanon, have added to price volatility. Furthermore, the uncertainty surrounding the potential return of Libyan oil supply has also influenced the market.
This latest increase in commercial LPG prices is expected to impact industries that depend on the fuel. Restaurants, hotels, and catering businesses, which use LPG for cooking, will experience higher operating costs. This comes as a further challenge for the hospitality sector, which is still recovering from the financial strain caused by the pandemic.
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