Could you please, let us know when this issue is fixed?
Is this sentence grammatical? I would like to ask someone to let me know when the issue is fixed
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The words are acceptable but the punctuation is not. Your two options for correct comma placement would be:
"Could you, please, let us know when …"
"Could you please let us know when …"
The version with two commas is somewhat outmoded; the version with none is readily understandable and more contemporary. One comma alone, however, is incorrect.