GAIL slashes prices of CNG across 20 cities
Hindustan TimesGAIL India on Saturdayannouncedslashing of compressed natural gas prices by ₹2.50 a kg in 20 cities, including Bengaluru, Patna, Ranchi and the Taj Trapezium Zone, brightening prospects of petrol and diesel rates cut as state-run energy firms are reducing retail prices of fuels ahead of the 2024 general elections. GAIL’s decision coincides with the move of three major state-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum – reducing cooking gas rates by ₹100 per cylinder for all 360 million customers, as announced by Prime Minister Narendra Modi on Friday. The three oil marketers have posted about ₹70,000 net profit in first three quarters of current financial year, as against combined net profit of ₹1,137.89 crore in the entirety of 2022-23, and are expected to make significant profits even in the three months to March as average international crude oil rates are more or less stable, he said. OMCs froze petrol and diesel rates on April 6, 2022, to check international oil price volatility and the central government reduced excise duty twice to protect Indian consumers when average crude oil purchase prices of the Indian basket surged from $73.30 per barrel in December 2021 to $112.87 a barrel in March 2022, and further to $116.01 a barrel in June 2022.