On Wednesday, March 31, Indian Oil Corporation Limited announced that the cost of domestic LPG cylinders will be reduced by Rs 10 per cylinder from April 1, 2021, reports ANI.
Well, the cost of domestic LPG cylinders had been increased by Rs 125 per cylinder in recent weeks, but now finally there comes a news of relief.
Cost of Domestic LPG cylinder to reduce by Rs 10 per cylinder effective 1st April 2021: Indian Oil Corporation Limited pic.twitter.com/kOdk1yQPEO
— ANI (@ANI) March 31, 2021
“International oil prices, which are the benchmark for deciding retail rates, have softened over the past few days. Though there had been firming up of prices on Tuesday, overall the trend has been of a decline, which should reflect in domestic retail rates,” a top official said; as quoted by the sources of News 18.
Even, according to the top officials, the price of LPG gas cylinders will not go up any further, as the international prices have come down and it will soon reflect in domestic prices soon.
Ahead of assembly elections in Tamil Nadu, West Bengal and Kerala, the prices of fuel were being considered as a political issue. The opposition parties are also been trying to put down the BJP led-government for putting the burden on the consumers. Another piece of information to be noted is that India is 85% dependent on imports in order to meet its oil requirements.