New Delhi:- International oil prices have come down due to the easing of tensions in West Asia. Following this, the prices of aviation turbine fuel and commercial LPG have been cut on Wednesday. Along with this, private sector oil retailer 'Naira Energy' has reduced the prices of petrol and diesel, making it the first company to reduce pump rates in more than two years.
Jet fuel pricesAccording to industry sources, jet fuel prices have been cut by around Rs 5 per litre, taking its price to around Rs 110 per litre in Delhi. This is the first cut after the prices increased due to the West Asia dispute. This Rs 110 per litre price is for domestic airlines.
Commercial and Domestic LPG Cylinder
19 kg commercial cylinder: State-owned oil companies have cut its price by Rs 183.50, the first cut of this year. Last month, this cylinder had reached a record high of Rs 3,113 due to rising crude oil prices due to geopolitical tensions, which will now be reduced to Rs 2,930.
5 kg cylinder: Its price has also been reduced by Rs 13 to Rs 808.50.
14.2 kg domestic cylinder: There has been no change in the price of domestic cooking gas cylinder and it remains at Rs 942.
Jet Fuel Price Stabilization SchemeLast month, the government had launched a scheme to keep jet fuel prices stable. Under this, participating airlines can buy jet fuel at a fixed price of Rs 115 per litre for three years. Airlines that do not opt ??for this scheme will continue to pay the current market rates.
Under this system, if the benchmark jet fuel prices go above the base rate of Rs 86.32 per litre (which is equal to Rs 115 per litre after airport charges, oil company profits and taxes), the government will give an interest-free advance to oil companies to make up the difference. When the prices fall below the base rate, the excess amount will be withdrawn from the companies and deposited in the Consolidated Fund of India. It is not clear at present how many airlines have opted for this scheme.

Petrol 5 and diesel 3 rupees per litre cut
India's largest private fuel retailer Nayara Energy has cut petrol prices by Rs 5 per litre and diesel by Rs 3 per litre. The cut is the first by any company in more than two years to cut retail fuel prices.
The price cut comes after global crude prices fell after the easing of conflicts in West Asia and the reopening of a key sea route, easing concerns about supply disruptions. Industry sources said the revised rates have been implemented at over 7,000 Nayara pumps across the country and actual pump prices vary across states based on local taxes such as value added tax (VAT).
However, state-owned oil companies (such as Indian Oil, BPCL and HPCL) have not yet cut petrol and diesel prices. These state-owned companies own more than 90 per cent of the country's petrol pumps, so fuel will be available at the old rates at these pumps.
In Delhi, petrol prices at IOC outlets remained at Rs 102.12 per litre and diesel at Rs 95.20 per litre. Nayara was among the first retailers to hike fuel prices after international oil prices surged following the outbreak of the Iran conflict, and on March 26, it increased petrol prices by Rs 5 per litre and diesel by Rs 3 per litre.