The Union Govt. Cuts Price of Non-subsidised gas,become cheaper

Highlights:

  • As global oil prices hit a five-and-a-half year slump, oil companies effected price cuts for Aviation Turbine Fuel (ATF) and non-subsidised cooking gas.
  •  While the non-subsidised LPG price was cut by Rs. 43.50 per 14.2 kg cylinder, ATF prices were reduced by 12.5 %.
  • The revised excise duty would be effective from 01.01.2015 midnight.
  • Non-subsidised LPG will now cost Rs. 708.50 in Delhi, down from the existing Rs. 752.
  • Possibly the sharpest cut since it was deregulated in 2002, ATF or jet fuel would cost Rs. 52,422.92 per kilolitre in Delhi, down by Rs. 7,520.52. In Mumbai, it would cost Rs. 53,861.58/kl down from Rs. 61,695.45/ kl.
  • This is the sixth consecutive reduction in jet fuel prices since August last year, with the last cut announced on December 1 when prices were reduced by 4.1 %.
  • Prices of global benchmark Brent crude which fell 49 % during 2014, hit $53 with demand continuing to weaken amid a supply glut owing to the U.S. shale boom and the Organization of Petroleum Exporting Countries (OPEC) refusing to cut production.