Price fall due to global energy slump
Non-subsidized cooking gas prices have come down by Rs 159 per cylinder from Wednesday in Bengaluru, following a sharp price decline in the international market.
A 14.2-kg cylinder will now cost Rs 585 in Bengaluru. The prices of LPG cylinders were rising consecutively forthe last 3 months. Now, the price of LPG has been cut due to a slump in the global energy market. The rates of LPG cylinders are revised on the 1st of every month.
This is the third consecutive reduction in LPG prices. After the latest reduction, in Bengaluru the price is Rs 585, in Mumbai Rs 579, in Kolkata Rs 584.50, in Chennai Rs 569.50 and in Delhi Rs 581.50.
In most parts of the country, panic buying of LPG cylinders was reported after the coronavirus lockdown on March 25. Retailers have emphasised that there is no scarcity of LPG cylinders.
Two factors on which prices of LPG depend are the international benchmark rate of LPG and the dollar-rupee exchange rate.