Added on : 2020-05-01 15:10:49
State-owned companies cut the price of non-subsidised cooking gas by Rs 162.50 per cylinder, making the steepest reduction ever as the coronavirus outbreak demolishes fuel demand. National lockdowns to curb the disease’s spread have evaporated demand for oil, sending international oil prices crashing. Benchmark Brent crude oil last month dropped to a two-decade low of USD 15.98 a barrel, but has rebounded since to USD 26.43 a barrel on Friday. Non-subsidised LPG 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 firms.