Thursday, January 29, 2009

Indians wake up to fuel price cut good news

Indians woke up to some pleasant news Thursday with the prices of fuel being cut further as the government allowed its state-run petroleum retail companies to cut the prices of petrol, diesel and cooking gas late Wednesday night.

Petrol will now be cheaper by Rs.5 a litre, diesel by Rs. 2 and cooking gas by Rs.25 per cylinder.

That would make revised prices of these fuels in Delhi Rs.40.62 for a litre of petrol (down from Rs.45.62), Rs.30.86 for diesel (down from Rs.32.86) and Rs.279.70 per 14.2 kg LPG cylinder (down from Rs.304.70).

“I have two college-going sons with bikes. This cut will help me save at least Rs.500 to Rs.700 every month which is quite a relief as prices of vegetables are still quite high,” said Rajani Sharma, a homemaker from Sadiq Nagar in South Delhi.

The further downward revision of fuel prices comes in the wake of softening global crude prices with the Indian basket of crude plummeting to $35.83 per barrel Dec 24 from a peak of $142 per barrel on July 3.

Transporters, however, are unlikely to be satisfied with the cuts announced, as they had gone on an eight-day nationwide strike demanding at least a Rs.10 per litre cut in diesel prices.

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