New Delhi: With international crude oil rates going under $70 a barrel Monday, the price of non-subsidised cooking gas (LPG) was cut by a hefty Rs.113 per cylinder and that of aviation turbine fuel (ATF), or jet fuel, by over 4 percent.
The 14.2 kg bottle of non-subsidized LPG is now available at Rs.752 in Delhi as compared Rs.865 previously, state-run oil marketers announced Monday.
Non-subsidised LPG is that which customers buy after exhausting their quota of 12 cylinders at subsidized rates.
The price of jet fuel at Delhi was also cut by 4.1 percent, or Rs.2,594.93 per kilolitre, and now stands at Rs.59,943 a kl.
In November, ATF rate was cut by a steep 7.3 percent, or Rs.4,987.7 per kl.
Petrol and diesel prices have also been reduced with effect from Monday by 91 paise and 84 paise respectively.
Benchmark Brent crude fell Monday to a five-year low of $67.82 per barrel, dragged down by US crude which fell to its lowest since July 2009 to $64.66 a barrel. Both benchmarks have been falling for five months running.
This follows the Oranisation of Petroleum Exporting Countries (Opec) decision last week not to cut production in line with cartel leader Saudi Arabia's strategy to combat the US shale oil boom.
Thanks to the technology of blasting shale rocks to yield oil and gas, US oil production has currently jumped to 8.97 million barrels per day, while the country is importing almost that much less.
Lowering crude prices is also the result of a slowdown in Chinese demand and rise in output from otherwise strife-torn Libya, as well as the easing of concerns over supplies from Iraq where various factions are engaged in military combat.
The price of the Indian basket crude oil on the last trading day Friday was $70.29 per barrel. A barrel is equal to 159 litres.