Indian Government may cut fuel prices next week
In line with the decline in global oil prices, the Indian government may soon cut prices of petrol, diesel and LPG. Expected to be implemented as soon as next week, the reduction in prices is expected to be around Rs 10 per litre for petrol, Rs 3 per litre for diesel and Rs 20 per cylinder for LPG.
Currently, for the first time in three years, oil PSUs in the country are selling petrol and diesel at a profit of about Rs 14.89 per litre and Rs 3.03 per litre respectively. However, the oil PSUs are still losing Rs 17.26 on every litre of kerosene sold, and Rs 148.32 per cylinder (the 14.2kg domestic cylinder) of LPG.
According to some statistics that are available, State-run oil PSUs in India are earning Rs 44 crore and RS 42 crore per day, on the sale of petrol and diesel respectively. However, they’re also losing Rs 66 crore and Rs 29 crore per day, on the sale of kerosene and LPG. That’s a net loss of Rs 9 crore per day.
[via: indiaautomotive]
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