SRINAGAR: Oil marketing companies revised the prices of commercial LPG cylinders on Tuesday, slashing the cost of the 19 kg cylinder by Rs 58.50 with effect from July 1. The move brings relief to commercial users such as hotels, restaurants and other businesses, even as domestic LPG cylinder rates remained unchanged.
Following the revision, the retail price of a 19 kg commercial LPG cylinder was set at Rs 1,665 in Delhi. In Mumbai, the cylinder will cost Rs 1,616; in Kolkata, Rs 1,769; and in Chennai, Rs1,823.50. The price of the widely used 14.2 kg domestic cylinder has not been altered, oil companies confirmed.
Meanwhile, in a separate development, petrol pumps across the national capital have begun enforcing a ban on fuelling End-of-Life Vehicles (ELVs) from July 1, 2025. Notices displayed at fuel stations clearly state that petrol will not be dispensed to 15-year-old petrol vehicles and 10-year-old diesel vehicles, as part of the Delhi government’s crackdown on vehicular pollution. CCTV cameras and loudspeaker systems have been installed at various pumps to ensure compliance and inform customers.
In a report released on June 27, ICICI Bank stated that global crude oil prices may see downward pressure due to an oversupplied market, easing geopolitical tensions, and weak global demand. According to Business Line, the report noted that the recent spike in crude prices triggered by the Iran-Israel conflict was significantly lower compared to past events like the Russia-Ukraine war, indicating a current oversupply.
The report projected that global crude oil demand would remain flat in 2025, stabilising around 102.9 million barrels per day (mbpd), similar to 2024 levels. This is attributed to subdued global economic growth and persistent trade-related uncertainties.
On the supply side, OPEC-led production increases have driven global crude supply to 104.2 mbpd in May 2025, resulting in a net surplus of 1.6 mbpd for the fifth consecutive month. Non-OPEC production also remained resilient. Despite a modest demand increase to 102.6 mbpd in May, the figures still lagged behind the supply rate.
