Oil marketing companies have reduced the price of commercial LPG gas cylinders with the new rates effective from Feb. 1. The cost of a 19 kg commercial LPG gas cylinder has been reduced by Rs 7.
In Delhi, the price for a 19 kg commercial cylinder will be reduced to Rs 1,797 from the earlier Rs 1,804, according to data on the Indian Oil Corp. website. The price in Mumbai has been reduced to Rs 1,749.50 from the earlier Rs 1,756.
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While the 19 kg commercial LPG will now cost Rs 1,959.50 in Chennai, it will cost Rs 1,907 in Kolkata.
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This is the second consecutive month of LPG reduction for 19 kg commercial LPG cylinders. The last reduction in price of commercial LPGs was on Jan. 1.
However, the prices of domestic LPG cylinders will remain unchanged. The domestic cooking gas prices were last revised on March 1, 2024.
The price of jet fuel or ATF was also hiked on Saturday by 5.6% or Rs 5,078.25 per kilolitre to Rs 95,533.73 per kl in Delhi, according to state-owned fuel retailers.
The reduction in LPG prices comes ahead of the Union Budget 2025 that will be presented later on Saturday. Analysts expect the Union Budget 2025 to address a major issue that has been hurting the profitability of oil marketing companies, like Indian Oil, Bharat Petroleum Corp., and Hindustan Petroleum Corp.
The OMCs have been facing losses on their LPG sales all of FY25, due to ministry regulations. Macquarie and IIFL Securities' analysts expect compensation for these losses to come through in the upcoming Budget.
Currently, LPG prices in India are subsidised to ensure affordability for domestic consumers. Oil companies like Indian Oil, Bharat Petroleum and Hindustan Petroleum not only produce their own LPG, but also import it from international sources and sell it domestically.
Thus, higher production costs, as well as import costs, exert pressure on the companies' profitability in the segment, as the domestic selling prices remain capped.
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