Good News Coming from Oil and Gas Companies?

For the last few months, the ongoing conflict between Iran and United States has largely driven up the petroleum and gas supply prices in several parts of the world. In this connection, even India has been facing a very pathetic situation with massive spike in petrol and gas prices.

However, there is a brief positive development now as the petroleum companies have slightly reduced the prices of fuel today.

The oil companies have reduced the prices of 19-kg commercial LPG cylinder by ₹183.50, effective today. In Delhi, a 19-kg commercial cylinder will now cost ₹2,930. The price of the 5-kg Free Trade LPG cylinder has also been cut by ₹13, bringing its retail price in Delhi to ₹808.50.

But there is no relief yet for domestic LPG users as these prices are remaining constant, and there is no reduction in the same.

On the other hand, even the prices of petrol were slightly chopped by India’s largest private fuel retailer, Nayara Energy. This company reportedly reduced petrol prices by ₹5 per litre and diesel by ₹3 across its nationwide network.

This price cut by the retailer marks the first such reduction in fuel prices by any company in over two years and this is good news. It has to be seen if conventionally bigger outlets like the Indian oil and Bharat petroleum will also reduce the prices accordingly.

The points to be noted here is that the global crude prices have gone down drastically due to the peace agreement that has been established between Iran and the US. So the reduction in India is a result of the same.