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Govt frees diesel, raises gas price

With a 33% jump, natural gas prices will now stand at $5.61 per mBtu; new rate to take effect from November 1

The government on Saturday took a step forward on fuel pricing by approving a 33 per cent jump in natural gas prices to $5.61 per mBtu and by decontrolling the price of diesel. This is the first reduction in diesel rates in about five years. Diesel rates were last cut on January 29, 2009, by Rs 2 a litre to Rs 30.86. Diesel prices were last raised by 50 paise on September 1.  The gas price hike will impact power and fertiliser prices, apart from piped gas consumers. The switchover from government-dictated diesel rates to market pricing immediately reduces diesel prices by Rs 3.37 ...