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Commodity trends

Cotton

Incentives on exports of cotton and yarn have been withdrawn. Exports of raw...

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Petrol prices cut by Rs3.05 ahead of festive season

While reducing prices for petrol by Rs3.05 per litre, the government has increased diesel prices by 50 paise and non-subsidised LPG cylinders

The ministry of oil and natural gas has reduced price of petrol by Rs3.05 per litre while increasing diesel price by 50 paisa per litre. Price of non - subsidised cooking gas (LPG) is also increased. The latest decision was taken in a fortnightly revision of prices.

 

According to the data by the Indian Oil Corp (IOC), standard retail selling price of petrol in Delhi would be Rs72.40 per litre while the same in Mumbai will be Rs79.49 a litre. Retail price of non branded diesel is Rs52.54 in Delhi, Rs56.90 in Kolkata, Rs59.46 in Mumbai, and Rs56.01 in Chennai. These price changes announced by the oil companies are subjected to local taxes or VAT depending on the states. The situation though is different for the diesel which priced lower than the international market rate. The government is apprehensive to raise the price of diesel steeply as it is increasing the rates slowly and steadily.

 

As an after effect of the latest decision by the government, the oil companies have also increased the price of the non-subsidised cooking gas (LPG). Subsidised price of 14.2 kg of cylinder in metros like Delhi is Rs410.50, in Kolkata is Rs412.50, in Mumbai is Rs441.00, and in Chennai is Rs398.00. The rates for the 14.2 kg cylinders beyond the limit of the subsidised nine cylinders are also hiked to Rs1,004 in metros like Delhi.

 

The decision of the government to hike the diesel prices comes as a measure to curb fuel subsidy burden. Fierce opposition has also come from regional political leaders Jayalalitha in Tamil Nadu. The union government is especially concerned about the effects of the diesel price hikes in the key states of Madhya Pradesh, Delhi, Rajasthan, Chattishgarh and Mizoram.

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