New Delhi: After raising cooking gas prices by Rs 125 per cylinder last month, state-owned oil firms on Wednesday announced a Rs 10 per cylinder cut in LPG rates on softening international oil prices. A 14.2-kg LPG cylinder both for subsidised and market price users will cost Rs 809 from April 1 as against Rs 819 currently, Indian Oil Corporation (IOC) said in a statement.
“Prices of crude oil and petroleum products in the international market have been on a constant uptrend since November 2020. As India is largely import-dependent on crude oil and the prices are market-linked, the increase in international prices resulted in an increase in the domestic price of petroleum products,” IOC said.
“Accordingly, oil companies have reduced the retail selling price of diesel and petrol by 60 paise per litre and 61 paise per litre, respectively, at Delhi market over the past few days. There was a corresponding reduction in prices at other markets during this period,” it said.
This reduction has come as a relief to motorists and transporters across India. “Further, with a view to give relief to domestic LPG consumers, the price of domestic LPG cylinder has been reduced by Rs 10 per cylinder from Rs 819 to Rs 809 per cylinder at Delhi effective April 1, 2021. The same reduction has been carried out in other markets,” it said.
LPG prices had gone up by Rs 125 per 14.2-kg cylinder since the beginning of February, price data from state-owned oil marketing companies showed. LPG is available only at one rate, market price, across the country. The government, however, gives a small subsidy to select customers.