The price of commercial LPG cylinder – the 19-kg cylinders used in hotels – in Delhi dropped by ₹36 on Monday (August 1) to ₹1,976.50 per unit.
This is the fourth reduction in commercial LPG rates since May.
A cylinder of commercial LPG would now cost ₹2,095.50 in Kolkata, ₹1,936.50 in Mumbai and ₹2,141 in Chennai.
The price of the domestic 14.2 kg cylinder, however, remains unchanged.
A 14.2-kg domestic LPG cylinder costs ₹1,053 in the national capital.
Rate of a piece of the 19-kg LPG cylinder in Delhi was slashed by ₹198 in July and by ₹135 in June.
Similarly, Jet fuel (ATF) prices were slashed by the steepest-ever of 12 per cent, the second reduction in as many weeks, on softening international oil prices amid recessionary fears.
Aviation turbine fuel (ATF) prices were cut by ₹16,232.36 per kilolitre, or 11.75 per cent, to ₹121,915.57 per kl in the national capital, a price notification of state-run retailers showed.
This is the steepest ever reduction in rates and follows a ₹3,084.94 per kl (2.2 per cent) reduction effected on July 16.
While ATF prices are revised on the first and 16th of every month, based on rates of benchmark international oil rates in the previous fortnight, commercial LPG rates are changed once a month.
The price of ATF – the fuel that helps aeroplanes fly – peaked to ₹141,232.87 per kl (₹141.23 per litre) on June 16, after a record 16 per cent (₹19,757.13 per kl) increase in rates.
International oil prices have softened on fears of a recession in major economies.
Brent – the world’s most known benchmark – was trading at USD 103.60 per barrel on Monday, down from USD 110 last week.
Besides the two reductions in rates on July 16 and August 1, ATF prices were cut by a marginal 1.3 per cent (₹1,563.97 per kl) on June 1.
But for these three decreases, ATF prices have been on the rise throughout 2022. In all, rates had increased 11 times since the start of the year. This has led to rates almost doubling in six months.
Prior to the two back-to-back reductions, prices had gone up by 91 per cent (₹67,210.46 per kl) since January 1. With jet fuel making up almost 40 per cent of the operating cost of an airline, the increase in prices had resulted in a rise in the cost of flying.
Now there is some relief for the airlines. Meanwhile, petrol and diesel prices remained unchanged at ₹96.72 per litre and ₹89.62 a litre, respectively.
An excise duty cut by the government had helped reduce the price of petrol by ₹8.69 a litre and diesel by ₹7.05 per litre on May 22. But for that, the base price has remained unchanged since April 6.
Before that, prices had risen by a record ₹10 per litre each. The retail prices of petrol, diesel and domestic cooking gas are way below the cost. Petrol and diesel rates are revised daily, based on equivalent rates in the international market.
(With inputs from agencies)