The Indian Oil Corporation Limited (IOCL) has decreased the prices of cooking gas by Rs 10. The Liquefied Petroleum Gas (LPG) cylinder, weighing 14.2 kg, will now cost around Rs 809 in Delhi and Mumbai. Earlier the price was Rs 819. In Kolkata and Chennai, the cylinder will be available for Rs 835.50 and Rs 825, respectively.
The IOC has stated that the Retail Selling Price (RSP) of diesel and petrol has been reduced by 60 paise per litre and 61 paise per litre respectively in Delhi recently.
This is the first time in four months that the prices have been reduced. They have been on a constant hike since December last year. On 4 February, the prices were increased by Rs 25 per cylinder. They were again raised on 15 February by Rs 50, then on 25 February by Rs 25. On 2nd March, the prices were hiked by Rs 25. In total, there was an increase of Rs 175 per cylinder.
LPG prices in India are decided by two major factors - the international pricing of LPG and the exchange rate of the US dollar and rupee.
India is predominantly dependent on the import of crude oil. The continuous increase in international prices had led to the rise in prices of petroleum products in India too.
However, in the past few days, the international market prices have dropped down due to COVID-19 and over concerns about the vaccine.
Both petrol and diesel rates are revised daily on the basis of the international market. However, the prices of LPG are decided on the first of every month.
In November 2018, the LPG prices saw a steep rise in India. At that time, the price of an LPG cylinder was Rs 939. The rising cylinder prices are currently the burning political issue in states like West Bengal, Tamil Nadu, Kerala, Assam and Puducherry where Assembly elections are being held.
from Firstpost India Latest News https://ift.tt/3dq2rrf
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