After raising of cooking gas prices by Rs.125 per cylinder last month, state-owned oil firms on Wednesday announced a Rs.10 per cylinder less in LPG.
14.2-kg LPG cylinder will cost Rs.809 as against Rs.819 at present, Indian Oil Corporation said in a statement. In one month time four times the rates went up.
“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.
However, due to growing worries about rising COVID cases in Europe and Asia and concerns over the side effects of the vaccine, prices of crude oil and petroleum products in the international market softened in the second fortnight of March 2021.
“Accordingly, oil companies have reduced the retail selling price of diesel and petrol by 60 Paisa per litre and 61 Paisa 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.