New Delhi: State-run oil marketing companies (OMCs) have announced a reduction of Rs 10 in the cost of domestic LPG cylinders on Wednesday, along with a reduction in the cost of diesel and petrol. "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.
However, due to growing worries about rising Covid-19 cases in Europe and Asia and concerns over the side effects of the vaccine, prices of crude oil and petroleum product in the international market softened in the second fortnight of March 2021. Accordingly, 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 India," said Indian Oil in an official statement on Wednesday.
Further, with a view to give relief to domestic LPG consumers, the cost of domestic LPG cylinder has been reduced by Rs 10 per cylinder from Rs 819 per cylinder to Rs 809 per cylinder in Delhi, effective from April 1. The same cost reduction has been carried out in other markets.
Driven by the vigorous thrust of the government on making clean energy accessible to all Indians, LPG has emerged as the preferred kitchen partner for almost every Indian. LPG penetration in India has improved from 55 percent in 2014 to more than 99 percent today.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Telegram & Twitter as well. Join PSU Watch Channel in your Telegram and follow us on Twitter to stay updated)