NEW DELHI, May 1: In a significant move, the prices of commercial LPG cylinders have been reduced by Rs. 171.5 per unit. The announcement was made by the Indian Oil Corporation (IOC), which is the country’s largest fuel retailer.
The new prices will come into effect from May 1, 2023, and are expected to benefit businesses and industries that rely on LPG for their operations. The reduction in prices is due to a decrease in the international prices of LPG, which has been attributed to a decline in demand caused by the COVID-19 pandemic.
The commercial LPG cylinder is used for industrial and commercial purposes, such as in hotels, restaurants, and manufacturing units. The price cut is expected to provide relief to businesses that have been hit hard by the pandemic and rising fuel prices.
The move is also expected to boost economic activity and create more jobs in the industrial and manufacturing sectors. The government has been taking various measures to support businesses and industries during the pandemic, and this price reduction is seen as a step in that direction.
Overall, the reduction in commercial LPG cylinder prices is expected to benefit both businesses and consumers, providing some relief from the economic challenges caused by the pandemic.
