Follow us on
Welcome Guest! You are here: Home » Business & Economy
Non-subsidised LPG, jet fuel rates cut
Monday December 1, 2014 8:59 PM, IANS

With global crude oil rates going under $70 a barrel Monday, the price of non-subsidised cooking gas (LPG) was cut by a hefty Rs.113 per cylinder and of aviation turbine fuel (ATF) or jet fuel by over 4 percent.

The 14.2 kg cylinder of non-subsidized LPG is now available at Rs.752 in Delhi as compared Rs.865 previously, state-run oil marketers announced Monday.

Non-subsidised LPG is that which customers buy after exhausting their quota of 12 cylinders at subsidized rates.

The price of jet fuel at Delhi was cut by 4.1 percent, or Rs.2,594.93 per kilolitre, and now stands at Rs.59,943 a kl.

In November, ATF rate was cut by a steep 7.3 percent or Rs.4,987.7 per kl.

Petrol and diesel prices have also been reduced with effect from Monday by 91 paise and 84 paise respectively.

"The prices of petrol and diesel were last revised downwards from Nov 1 by Rs.2.41/litre and Rs.2.25/litre respectively (including state levies at Delhi) on the back of declining international oil prices," Indian Oil Corp said.

"The movement of prices in international oil market and INR-USD exchange rate shall continue to be closely monitored and developing trends of the market will be reflected in future price changes," it added.

Last month, the government deregulated diesel prices by linking the fuel cost to market-based pricing.

Benchmark Brent crude fell Monday to a five-year low of $67.82 per barrel, dragged down by US crude which fell to its lowest since July 2009 to $64.66 a barrel.

Both benchmarks have been falling for five months running.

This follows the Oranisation of Petroleum Exporting Countries (OPEC) decision last week not to cut production in line with cartel leader Saudi Arabia's strategy to combat the US shale oil boom.

Thanks to the technology of blasting shale rocks to yield oil and gas, US oil production has currently jumped to 8.97 million barrels per day while the country is importing almost that much less.

Lowering crude prices is also the result of a slowdown in Chinese demand and rise in output from otherwise strife-torn Libya, as well as the easing of concerns over supplies from Iraq where various factions are engaged in military combat.

Most OPEC members' economies are sustained by high oil prices, and now find themselves revising their 2015 budgets to reflect lower prices.

OPEC's November production stood at 30.56 million barrels per day, which was higher than the target of 30 million barrels per day.

Share this page
Note: By posting your comments here you agree to the terms and conditions of
comments powered by Disqus
| Quick links
Contact us
Subscribe to: RSS » Facebook » Twitter » Newsletter Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.
© 2012 Awaz Multimedia & Publications. All rights reserved.