The cost of domestic LPG cylinders has been reduced by Rs 10 per cylinder, the Indian Oil Corporation Limited announced on Wednesday. It said the order is effective April 1 onward.
"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," the Indian Oil Corporation said in a release.
"However, due to growing worries about rising Covid-19 cases in Europe and Asia and concerns over the side effects of vaccine, prices of crude oil and petroleum product in the international market softened in the second fortnight of March 2021," it added.
IOCL said that oil Companies have reduced the Retail Selling Price (RSP) 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. This reduction has come as a relief to motorists and transporters across Indi, it said.
With a view to give relief to domestic LPG consumers, IOCL said the price of Domestic LPG cylinder has been reduced by Rs 10/cylinder from Rs 819/cylinder to Rs 809/cylinder at Delhi effective 1st April 2021. Same reduction has been carried out in other markets.