In a significant development, India's state-owned oil refiners have successfully concluded a one-year deal for the import of around 2.2 million tonnes of liquified petroleum gas (LPG) from the US Gulf Coast.

The decision was revealed India's oil minister Hardeep Singh Puri on the social media platform X. Before this deal, India used to levy a 2.5% import tax on LPG, ethane, propane and butane.

The deal between Indian Oil Corporation Limited (IOC) , Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) would mark the first structured contract by Indian companies to buy American LPG.

The cost of the LPG would be benchmarked to Mount Belvieu, a city 33 miles from Houston, Texas, which is also a renowned hub for natural gas products.

In the

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