New Delhi [India], July 1 (ANI): Oil marketing companies revised the prices of commercial LPG gas cylinders on Tuesday, reducing the cost of a 19 kg commercial cylinder by Rs 58.50. The new rates came into effect from July 1, bringing relief to commercial users such as hotels, restaurants, and businesses.

While in Delhi, with the latest revision, the retail sale price of a 19 kg commercial LPG cylinder was set at Rs 1665, down from the previous rate. There was, however, no change in the price of 14.2 kg domestic LPG cylinders, which are widely used in households.

The commercial LPG cylinder will cost Rs 1,616 in Mumbai, Rs 1,769 in Kolkata and Rs 1,823.50 in Chennai.

Meanwhile, a separate development, petrol pumps across the national capital notices warning against fueling End-of-Life Vehicles (ELVs) were seen pasted on display boards. The warning stated that 'fuel will not be dispensed to end-of-life vehicles (ELVs) - 15-year-old petrol and 10-year-old diesel vehicles from July 1, 2025.'

Along with these notices, CCTV cameras and speakers were also installed at several fuel stations to monitor compliance and inform customers.

On June 27, according to a latest research report by ICICI Bank, global crude oil prices are likely to see a downside, weighed down by the de-escalation of the Israel-Iran conflict, soft demand, and increasing supply.

On the demand side, the report suggests that if the negative sentiment regarding the trade war persists, it will result in depressed demand.

Additionally, crude oil demand is expected to remain flat in 2025, coming in at relatively unchanged levels of 102.9mbpd as was seen in 2024, taking into account the subdued global growth momentum.

On the supply side, the global supply of crude oil followed an upward trajectory on a sequential basis, led by higher production from OPEC, while non-OPEC supply remained fairly robust.

'The physical markets recorded a net supply surplus for the fifth consecutive month of 1.6mbpd in May compared to 1.9mbpd recorded in April,' ICICI Bank said.

The demand showed a rise of 0.3mbpd to 102.6mbpd in May. However, this supply-demand equation was not adequate to match the supply of 104.2mbpd that is being driven by increasing output from OPEC.

However, the report also highlights that the spike in crude prices in response to the Iran-Israel conflict was much lower than previous geopolitical events such as the Russia-Ukraine war, reflecting an oversupplied physical market that is prevailing at the current juncture. (ANI)