Petrol prices cut by 49 p, diesel by Rs 1.21 a litre

Oil marketing companies have announced a 49 paise-a-litre cut in the retail prices of petrol and Rs 1.21 for diesel from midnight on April 1 to align the de-regulated domestic prices with international rates.

Following this, non-branded petrol will cost Rs 60 a litre in Delhi, while diesel will cost Rs 48.50 a litre. The price reduction follows two rounds of price increases in February and March — Rs 0.82 a litre for petrol and Rs 0.61 for diesel on February 16 and Rs 3.18 for petrol and Rs 3.09 for diesel on March 1.

“Since then, the international prices of both the fuels have declined. The rupee-dollar exchange rate has, however, depreciated. The impact of both these factors warrants a decrease in retail selling prices of both petrol and diesel,” stated Indian Oil Corporation, the nation’s largest fuel retailer.

CNG prices cut by 60p a litre
In a related development, Indraprastha Gas Ltd, the fuel retailer operating in and around Delhi, announced a cut in compressed natural gas (CNG) prices by 60 paise a kg and piped natural gas (PNG) prices by 60 paise a standard cubic metre (scm), in line with the government’s decision to cut domestic gas prices by 7.7 per cent on Tuesday. The new CNG price of Rs 37.5 a kg and PNG price of Rs 24.9 a scm will be applicable from the midnight of April 1.

Jet fuel prices cut 2 per cent
State oil marketing companies cut jet fuel prices by two per cent, following a drop in crude oil prices.