Public sector oil marketing companies (OMCs) Bharat Petroleum Corporation, Hindustan Petroleum Corporation, and Indian Oil Corporation will bear the financial brunt of the Rs 100 per cylinder price cut announced on Friday.
Liquefied petroleum gas (LPG) prices were dropped by Rs 100 per 14.2-kg cylinder for all residential LPG consumers on Saturday by the OMCs, under their announcement on Friday on the occasion of International Women’s Day.
The government has lowered prices barely a few days before the anticipated announcement of the 2024 Lok Sabha Elections. The action is anticipated to help over 33 crore households nationwide.
All three of the OMCs posted strong quarterly results for the current fiscal year 2023–24 (FY24).
This is the second time the government has announced a decrease in household LPG prices in the current fiscal year. On August 29, a price reduction of Rs 200 per cylinder was announced, just in time for the Assembly elections in five states.
