Zee Media Bureau
New Delhi: In line with the 8 percent drop in the rates of domestically produced natural gas, compressed natural gas (CNG) prices in the national capital region was on Wednesday cut by 60 paise per kg.
Earlier in the day, petrol price was cut by 49 paise per litre and diesel by Rs 1.21 a litre on softening international oil rates.
Prices of petrol in Delhi will be Rs 60 a litre from Thursday as against the current Rs 60.49, while diesel will cost Rs 48.50 per litre as compared with Rs 49.71 currently, Indian Oil Corp (IOC), the nation's largest oil company, said.
Oil Ministry's pricing cell, PPAC yesterday said domestically produced natural gas will cost $ 4.66 per million British thermal unit from April 1 to September 30 on gross calorific value basis (GCV) as opposed to $ 5.05 per mmBtu currently.
On net calorific value (NCV) basis, the rate would be $ 5.1726 or $ 5.18 as compared to $ 5.61 currently.
The new rates are as per the formula approved by the government in October last year.
This is the first reduction in price of natural gas in India. Domestic gas price was raised from $ 4.2 per mmBtu to $ 5.61 per mmBtu effective November 1.
With PTI Inputs
