OMCs to reduce LPG cylinder cost by Rs 10 from April

New Delhi: State-run oil marketing companies (OMCs) will reduce the price of domestic LPG cylinder by Rs 10 per cylinder from April 1.

Domestic LPG cylinder will cost Rs 809 per cylinder in Delhi, effective April 1.

In a statement on Wednesday, OMC major Indian Oil Corporation said that 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 increase in the domestic price of petroleum products," the statement said.

"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."

Consequently, OMCs reduced the retail selling price (RSP) of diesel and petrol by 60 paise per litre and 61 paise per litre, respectively, in 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," the statement said.

"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 per cylinder to Rs 809 per cylinder at Delhi effective 1st April 2021. The same reduction has been carried out in other markets."

In addition, the OMC said that LPG has emerged as the preferred kitchen fuel in India and its penetration has improved from 55 per cent in 2014 to presently more than 99 per cent.