NEW DELHI: Oil marketing companies have announced a reduction of Rs 7/- in the price of 19 kilo commercial LPG cylinders, effective immediately.
The price revision comes ahead the Union Budget presentation, which is set to take place at 11 a.m. in Parliament. With this price cut, the cost of a 19-kilo commercial LPG cylinder in Delhi has dropped from Rs 1,809 to Rs 1,797.
In other major cities, the new prices are Rs. 1,749 in Mumbai, Rs 1,904 in Kolkata, and Rs 1,959 in Chennai.
However, there has been no change in the price of 14-kg domestic LPG cylinders.
This reduction is particularly impactful for businesses like hotels and restaurants that rely on commercial LPG cylinders. The price cut comes as part of ongoing adjustments to fuel prices, which are influenced by global market trends.
Global crude oil prices and various economic factors often play a role in prompting such price revisions.
Earlier, in December, the price of a 19 kg commercial LPG cylinder had been increased by Rs 62 due to rising global fuel costs. The last price cut before today's reduction took place on January 1, when prices were lowered by Rs 14.5 after five consecutive hikes. At that time, the cost of a 19 kg cylinder in Delhi was Rs 1,804. Additionally, Aviation Turbine Fuel (ATF) prices saw a 1.5% reduction, lowering the cost by Rs 1,401.37 per kilolitre to Rs 90,455.47 per kilolitre in Delhi.
Finance Minister Nirmala Sitharaman is all set to present her record eighth consecutive Union Budget today at 11 am. This achievement will bring her closer to the record held by former Prime Minister Morarji Desai, who presented 10 budgets over different periods.
The budget is expected to focus on boosting economic growth, which has been slowing down, while also being mindful of the country's finances. To achieve this, the government is likely to announce measures that will increase consumer spending while also reducing the fiscal deficit.
According to the Economic Survey for 2024-25, India's economy is expected to grow between 6.3 percent and 6.8 percent in the next financial year, which is slightly lower than the estimated 6.4 percent growth this year.
Overall, today's budget presentation is highly expected, and experts are eager to see how the government plans to address the country's economic challenges.