NEW DELHI: So far, oil consumers have benefited only a fraction from the plunge in oil prices.

Brent crude has fallen by about 40 percent since June, but prices of petrol, diesel, aviation fuel and commercial LPG have fallen by only 8-17 percent. Commercial cooking gas prices are down 17%, aviation turbine fuel (ATF) prices are down 14%, gasoline prices are down 11% and diesel prices are down 8%.

NNPC executives said international crude and global petroleum products tend to be different. International crude oil prices are falling faster than international petroleum products, whose prices are the standard for domestic retail prices of gasoline, diesel, ATF, cooking gas, etc.

The state-run oil marketing companies have reduced the prices of unsubsidized cooking gas. Starting Monday, ATF price is Rs 113 per cylinder and Rs 2,594.93 per thousand liters. On Sunday, the companies cut petrol prices by 91 liters paisa, the seventh consecutive fall in four months. Diesel prices fell by 84 paisa, the third reduction since October 18th.

Petrol pump dealers and gas agencies suspect that the NOCs are maintaining some margins or that the government is using the price cushion to lower prices. financial burden.

Government and industry sources said the oil companies have not reduced petrol and diesel prices by mid-November despite the Centre reducing petrol and diesel by Rs 1.5 per liter to achieve the financial deficit target. According to sources, the government has so far reduced the fuel subsidy burden to less than Rs 50,000 crore. “Prices of petroleum products are not very transparent,” said a private oil company executive, “especially when state-owned refineries have a virtual monopoly on the sale of motor fuels, and the government should allow an independent regulator to set and monitor prices.” He said. Officials say the regulator should monitor fuel prices independently.