State-owned oil marketing companies have lowered the price of non-subsidised cooking gas by Rs 162.50 a cylinder, in the steepest reduction ever, as the global coronavirus crisis has demolished fuel demand.
Nationwide lockdowns to curb the spread of the virus have evaporated the demand for oil, sending international oil prices crashing. Benchmark Brent crude oil dropped to a two-decade low of $15.98 a barrel last month’ it has rebounded since to trade at $26.43 a barrel on Friday.
Non-subsidised cooking gas now costs Rs 581.50 per 14.2-kg cylinder in Delhi, down from Rs 744 till Thursday, according to a price notification issued by state-owned oil companies.
