Oil marketing companies have cut LPG cylinder prices between Rs 135 to Rs 192 on May 1 across metros in the country.
The cost of an LPG cylinder in Delhi has now come down from Rs 744 to Rs 581.50 in Delhi. Similar price cuts have also been applied to other cities in the country. This price cut of LPG cylinder is the third consecutive downward revision in three months.
After the price cut, the LPG cylinder will cost Rs 579 in Mumbai which was earlier Rs 714.50, in Kolkata the rate will be Rs 584.50 and in Chennai it will cost Rs 569.50.
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Since August last year, the prices of LPG cylinder were rising consecutively every month. The price of LPG has been cut due to a slump in the global energy market. The rates of LPG cylinder are revised on the 1st of every month.
In most parts of the country panic buying of LPG cylinders have been reported due to coronavirus lockdown imposed on March 25. To meet the local demand retailers have been emphasising that there is enough stockpile of the gas and there is no scarcity of LPG cylinders.
Two factors on which prices of LPG cylinder are mainly depend on - The international benchmark rate of LPG and the exchange rate of US dollar and rupee.
In a year, every household in the country is eligible for 12 cylinders of 14.2 kg each at subsidised rates. Subsidy is transferred to the bank account.
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