COMMERCIAL LPG PRICES CUT BY ₹135, JET FUEL BY 1.3% AS CRUDE WEAKENS

NEW DELHI: Jet fuel prices on Wednesday were cut by 1.3%, the first reduction after 10 rounds of price hikes, on softening international crude oil rates.

Simultaneously, prices of commercial LPG, used by business establishments such as hotels and restaurants, were reduced by ₹135 per 19-kg cylinder.

The price of aviation turbine fuel (ATF) has been reduced by ₹1,563.97 per kilolitre, or 1.27%, to ₹1,21,475.74 per kl in the national capital, according to a price notification of stateowned fuel retailers.

This is the first reduction after 10 rounds of price increases this year. Rates were hiked by ₹6,188.25 per kl, or 5.29%, on May 16, to a record high of ₹1,23,039.71 per kl.

Commercial LPG rates were reduced to ₹2,219 per 19-kg cylinder, from ₹2,354, the notification showed.

Prior to the cut, rates of commercial LPG had risen by ₹355.5 per cylinder this year.

However, prices of cooking gas LPG used in households remained unchanged at ₹1,003 per 14.2-kg cylinder. Rates had been hiked by ₹3.50 a cylinder on May 19. Prior to that prices were hiked by ₹50 per cylinder on March 22 and again by the same quantum on May 7.

Since April 2021, domestic LPG prices have risen by ₹193.5 per cylinder.

Meanwhile, petrol and diesel prices remained unchanged at ₹96.72 per litre and ₹89.62 a litre respectively. An excise duty cut by the government had helped reduce petrol by ₹8.69 a litre and diesel by ₹7.05 per litre on May 22. Earlier, prices had risen by a record ₹10 per litre each.

The retail price of petrol, diesel and domestic cooking gas was way below cost and so the softening in benchmark prices is being used to set off those losses. Jet fuel prices are revised on the 1st and 16th of every month, while petrol and diesel rates are revised daily, based on equivalent rates in the international market.