State-owned oil companies on Wednesday cut prices of aviation turbine fuel (ATF) and commercial liquefied petroleum gas (LPG), while private fuel retailer Nayara Energy rolled back petrol and diesel price hikes in March as international crude oil prices fell sharply after the conflict in West Asia eased.
Naira Energy cuts petrol prices ₹5 per liter and by diesel ₹Industry officials requesting anonymity said the Rs 3 per liter hike introduced in March has effectively been reversed. The company operates around 7,000 fuel stations across the country, while there are over one lakh retail outlets, more than 90% of which are run by state-owned oil marketing companies (OMCs).
Although India’s average crude oil import price fell below $70 a barrel on Friday for the first time since the conflict in West Asia began, petrol and diesel prices remained unchanged at most public sector OMC outlets. Similarly, there has been no change in the price of 14.2 kg domestic LPG cylinder used in homes.
Consumers are unlikely to see an immediate reduction in retail auto fuel prices, as state-run refiners will first try to recoup earlier losses, while the government may also recover part of the fiscal cost, HT reported on Tuesday, which it estimated ₹It cost Rs 1.23 lakh crore to protect consumers from high global prices.
However, state-run OMCs have cut the price of commercial LPG ₹183.50 per 19-kg cylinder, bringing down the effective price in Delhi ₹from 2,930 ₹3,113.50. Commercial LPG prices vary across cities depending on transportation costs and local taxes. These cylinders are mainly used by commercial establishments like hotels and restaurants.
The price of 5-kg free-trade LPG (FTL) cylinder, classified as non-domestic LPG, was reduced. ₹13 per refill. 5 kg FTL cylinder will now become costlier in Delhi ₹808.50.
Public sector oil companies also reduced ATF prices for domestic airlines. ₹Rs 5 per liter from Wednesday. The effective ATF price is now ₹Rs 110 per litre, or ₹₹1.10 lakh per kilolitre, officials said.