The Indian Oil Corporation Limited reported on Wednesday that the price of domestic LPG cylinders has been lowered by Rs 10 per cylinder. The action will take effect on April 1st, according to the statement. From April 1, a 14.2-kg LPG cylinder will cost Rs 809, down from Rs 819 currently, according to Indian Oil Corporation (IOC). Furthermore, effective April 1, 2021, the price of a domestic LPG cylinder has been lowered by Rs 10 per cylinder, from Rs 819 to Rs 809 per cylinder in Delhi, in order to provide relief to domestic LPG users. In other markets, the same cut has been implemented. Since the beginning of February, LPG prices have increased by Rs 125 per 14.2-kg cylinder, according to the rate chart from state-owned oil marketing firms. LPG is only available at one price, the market price, throughout the nation.
The government, on the other hand, offers a small subsidy to a limited number of consumers. That being said, over the last few years, continuous price hikes in metros and major cities have undermined this subsidy. As a result, consumers in areas like Delhi have not earned a subsidy since May 2020, and all LPG customers must pay the market price, which has now been lowered to Rs 809. "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 stated in a statement.