Oil marketing companies on Tuesday revised the prices of 19-kg commercial LPG cylinders, cutting rates by ₹58.50, effective July 1. The price cut brings much-needed relief to commercial users like hotels, restaurants, and other businesses.
The revised retail prices for commercial cylinders are:
- Delhi: ₹1,665
- Mumbai: ₹1,616
- Kolkata: ₹1,769
- Chennai: ₹1,823.50
There was no change in the price of 14.2-kg domestic LPG cylinders, which continue to serve household needs.
In a parallel development in Delhi, fuel stations have begun displaying notices banning fuel refills for End-of-Life Vehicles (ELVs)—defined as petrol vehicles older than 15 years and diesel vehicles older than 10 years—effective July 1, 2025.
To enforce the policy, CCTV cameras and speaker systems have been installed at multiple petrol pumps across the capital to monitor and inform customers.
Meanwhile, a research report by ICICI Bank (June 27) indicates that global crude oil prices may face downward pressure in the coming months. Contributing factors include:
- De-escalation of Israel-Iran tensions
- Subdued global demand
- Rising OPEC and non-OPEC production
The report noted that:
- Global oil demand is expected to remain flat at 102.9 mbpd in 2025, similar to 2024.
- May recorded a supply surplus of 1.6 mbpd, continuing a five-month trend.
- Supply outpaced demand (104.2 mbpd vs. 102.6 mbpd), contributing to a soft oil price environment.
Interestingly, crude price spikes linked to the Iran-Israel conflict were muted, compared to earlier geopolitical events like the Russia-Ukraine war, suggesting a well-supplied physical market at present.
Together, these developments signal policy tightening at the local level and a softening global energy outlook, impacting consumers and businesses alike.