Oil and Gas Companies Announce Price Cut

There is some relief for businesses and vehicle owners as fuel prices have been reduced in parts of India. The latest revision comes after changes in global crude oil prices, bringing down the cost of commercial LPG cylinders and fuel sold by a private retailer.

Oil marketing companies have announced a ₹183.50 reduction in the price of a 19-kg commercial LPG cylinder, effective from today. Following the price cut, the commercial LPG cylinder in Delhi will now cost ₹2,930.

The price of the 5-kg Free Trade LPG cylinder has also been reduced by ₹13, taking its retail price in Delhi to ₹808.50.

However, there is no change in the price of domestic LPG cylinders, meaning households using cooking gas will continue to pay the existing rates.

Nayara Energy cuts petrol and diesel prices

In another development, private fuel retailer Nayara Energy has reduced the prices of petrol by ₹5 per litre and diesel by ₹3 per litre across its fuel stations.

The move is significant as it is the first major price reduction by a fuel retailer in more than two years. Consumers are now waiting to see whether other major oil marketing companies will also revise their fuel prices in the coming days.

Global crude prices influence domestic fuel rates

The latest reductions come as global crude oil prices have softened, easing pressure on fuel costs. Lower international crude prices often allow oil companies to reduce retail fuel prices, although domestic pricing also depends on taxes, exchange rates and other market factors.

While commercial users and customers at Nayara Energy outlets have received some relief, domestic LPG consumers are still waiting for a reduction in cooking gas prices.

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