New Delhi, July 1 (IANS). The country’s largest private fuel distributor Nayara Energy on Wednesday announced a reduction in the price of petrol by Rs 5 per liter and diesel by Rs 3 per liter. This cut has been implemented with immediate effect on the company’s retail network across the country.
The reason for this reduction is the fall in crude oil prices due to reduced tension in the Middle East. However, retail fuel prices may vary from state to state due to value-added tax (VAT) and local taxes.
Tension in the Middle East region has reduced due to peace talks regarding the war between America and Iran. Due to this, a big fall has been seen in the prices of crude oil. The price of Brent crude has decreased by about 23 percent in the last one month, currently Brent crude futures are at $ 73.21 per barrel.
At the same time, a huge decline of about 25 percent has been seen in the prices of WTI crude in the last one month. Due to this, the price of WTI crude futures has fallen below $ 70 per barrel to $ 69.73 per barrel.
However, there has been no change in the prices of petrol and diesel from the government oil companies. In New Delhi, the price of petrol remains at Rs 102.12 per liter and the price of diesel remains at Rs 95.20 per liter.
Apart from this, oil distributor companies have announced reduction in the prices of commercial LPG cylinders from July 1. Due to this, the price of 19 kg commercial LPG cylinder in the national capital has decreased by Rs 183.50 to Rs 2,930, which was earlier Rs 3,113.50. However, there has been no change in the prices of 14 kg domestic LPG cylinder and it has been kept constant at Rs 942.
–IANS
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