Key Economic Changes in India from February 1, 2025
As of February 1, 2025, several important economic changes have come into effect in India. These include adjustments in gas cylinder prices, an increase in car prices, a rise in aviation fuel rates, and modifications in banking service charges. Here’s a detailed breakdown of the significant updates:
1. Reduction in Commercial Gas Cylinder Prices
The price of a 19 kg commercial gas cylinder has been reduced by up to ₹7 across different cities. However, there is no change in the price of domestic gas cylinders (14.2 kg). Below is the revised pricing:
- Delhi: Reduced by ₹7, now available at ₹1797 (previously ₹1804).
- Kolkata: Reduced by ₹4, now available at ₹1907 (previously ₹1911).
- Mumbai: Reduced by ₹6.50, now available at ₹1749.50 (previously ₹1756).
- Chennai: The new price is ₹1959.50.
The 14.2 kg domestic LPG cylinder prices remain unchanged at ₹803 in Delhi and ₹802.50 in Mumbai.
2. Maruti Suzuki Car Prices Increased by Up to ₹32,500
Maruti Suzuki has raised the prices of multiple car models, with the maximum hike reaching ₹32,500. The following models are affected:
- Entry-level and hatchbacks: Alto K10, S-Presso, Celerio, Wagon R, Swift.
- Sedans and compact SUVs: Dzire, Baleno, Ciaz, Brezza, Ertiga, Ignis, XL6.
- Premium and mid-size SUVs: Fronx, Invicto, Jimny, Grand Vitara.
3. Aviation Fuel (ATF) Prices Surge by ₹5,269
Oil marketing companies have increased the price of aviation turbine fuel (ATF), potentially leading to higher airfares. According to Indian Oil Corporation:
- Delhi: ATF price surged by ₹5078.25, reaching ₹95,533.72 per kiloliter.
- This price hike is expected to increase airline operating costs, possibly leading to higher ticket prices for passengers.
4. Kotak Mahindra Bank Revises Service Charges and ATM Transaction Limits
Kotak Mahindra Bank has revised its service charges and ATM withdrawal limits, particularly affecting 811 savings account holders. Key changes include:
- Increased service fees on specific transactions.
- Revised ATM withdrawal limits for debit card users.
- Customers were notified via email regarding these modifications.
5. No Change in Petrol and Diesel Prices
Despite fluctuations in global fuel prices, the petrol and diesel rates remain unchanged:
- Delhi:
- Petrol: ₹94.72 per liter
- Diesel: ₹87.62 per liter
- Mumbai:
- Petrol: ₹103.44 per liter
- Diesel: ₹89.97 per liter
Implications of These Changes
- Commercial businesses may benefit from slightly lower LPG prices, but households will see no relief in domestic cylinder costs.
- Car buyers will face higher expenses, particularly those purchasing Maruti Suzuki models.
- Air travel could become more expensive, affecting passengers’ budgets and airline profitability.
- Kotak Mahindra Bank customers need to review their service charges to avoid unexpected fees.
- Stable fuel prices provide relief to commuters and logistics businesses.
