New Delhi: In line with the global collapse of benchmark market rates, the non-subsidised LPG (liquified petroleum gas) or cooking gas was on Friday slashed by a record price of Rs 162.50 per cylinder in Delhi. Oil companies imposed similar prices in other parts of the country as well. Also Read - India's Core Industries Output Crashes by 6.5% in March
While in Delhi, LPG will cost Rs 581.50, as opposed to Rs 744 for a 14.2 kg cylinder earlier. Similarly, in Mumbai, the cooking gas fuel will cost Rs 579, instead of Rs 714.50 per cylinder. In Kolkata, the price has been cut by ₹190 to Rs 584.50, whereas, in Chennai, LPG cylinders will be sold at Rs 569.50. Also Read - Humour to the Rescue: As Crude Oil Prices Crash, Hilarious Memes Take Over Twitter
The nationwide coronavirus lockdown has evaporated the demand for crude oil. The Benchmark Brent crude oil rates, last month dropped to a record low of USD 15.98 a barrel. However, the market gained slightly as oil prices continued to rise, currently staning at around USD 27 a barrel. Also Read - US Oil Prices Turn Positive, Another Bloodbath Expected Today
In an unprecendented development, the WTI crude prices fell below zero for the first time ever, last week.
The June delivery contract of WTI crude on the NYMEX is currently trading at $19.32 per barrel, higher by 2.55 per cent.
The improvement comes as the Organization of the Petroleum Exporting Countries (OPEC) and their allies started reducing output from Friday.
OPEC and its allies led by Russia had last month agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.