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Commercial cylinder costs Rs. 290 less
N. Ravi Kumar
The difference in the price between regular and branded fuels has come down.
CHENNAI: Oil marketing companies such as Indian Oil Corporation have reduced the price of a 19-kg liquefied petroleum gas cylinder by nearly Rs.290 this month in the city.
This is one of the biggest ever decline in the price of the non-subsidised commercial cylinders, which of late have started finding their way into households too. It is for the first time since November last year that the cost of the 19-kg refills has come down below the Rs.1,000 mark.
The new price of the cylinder, which came into effect on Monday, is Rs.965.10, whereas last month it was Rs.1,251.55. The price cut is expected to push up the demand for commercial cylinders and reduce the diversion of the subsidised domestic cylinder. The difference in the cost per kg of LPG after the drop is around Rs.26.
The cost of branded petrol and diesel, known as premium fuel, too have come down, but only at retail outlets of IOC and Hindustan Petroleum Corporation Ltd. Oil industry sources say the reduction in the prices of commercial cylinders and premium fuels, which the companies decide, comes in the backdrop of the tumbling crude oil prices.
The reduction in the cost by Re.1 a litre in the case of petrol and up to 45 paise (price varies from company to company) for diesel has narrowed the gap between the prices of regular and premium fuels. Tamilnadu Petroleum Dealers’ Association president M.Kannan said it would make more customers switch over to the premium fuel and help the trade.
A senior official of Bharat Petroleum Corporation Ltd said the company may also reduce the price of its branded fuels. It has written to the Union Ministry of Petroleum and Natural Gas on additional duties and taxes.
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