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 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 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.
Further, with a view to give relief to domestic LPG consumers, the price of Domestic LPG cylinder has been reduced by Rs 10/cylinder from Rs 819/cylinder to Rs 809/cylinder at Delhi effective 1st April 2021. Same reduction has been carried out in other markets.
Driven by the vigorous thrust of the Government on making accessible the clean energy to all Indians, LPG has emerged as the preferred kitchen partner for almost every Indian. LPG penetration in India has improved from 55% in 2014 to more than 99% today.