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Tranzmeo’s confidence lies in the fact that it is the sole player in the sector in the country. It also claims that its cutting-edge technology is hard to emulate.
Oil companies have increased the prices of cylinders due to the surge in the rates of crude oil caused by the escalation in West Asian tension amid the Isreal-Hamas conflict.
The tanker was detained in the seas of West African country Equatorial Guinea last August.
After a cabinet meeting, Union I&B Minister Anurag Thakur said natural gas will now be indexed to the price of imported crude oil.
Higher oil prices also will complicate the efforts by central banks to rein in inflation.
According to a government order, the country has cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective from Friday.
It was brought down to Rs 9,500 per tonne from Rs 11,000, effective November 2, a notification said.
India's crude oil imports from Russia have jumped over 50 times since April and now it makes up for 10 per cent of all crude bought from overseas.
Russia has threatened to redirect its energy exports from the West to friendly countries, while also boosting domestic consumption.
Refiners in India, the world's third biggest oil importer and consumer, have been snapping up Russian oil through spot deals since Russia's invasion of Ukraine on February 24.
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