State-run Oil Marketing Companies (OMCs) reduced price of petrol twice in a span of 15 days since March 16.
While they reduced petrol price by Rs 2 per litre (excluding VAT) on March 16, they again cut the price by 85 paise per litre from April 1.
The OMCs also reduced the prices of non-subsidised domestic cooking gas by Rs 3 a litre. A 14.2-kg non-subsidised LPG cylinder will now cost Rs 901.50 in Delhi. The government limited supply of subsidised domestic LPG cylinders to nine, beyond which the customers will have to pay market prices.
The government allowed oil retailers to raise diesel prices by 45 paise a litre (excluding VAT) in small doses till they are able to neutralise their loss on selling the product at a controlled price.
On March 22, OMCs raised diesel prices by 45 paise a litre (excluding VAT). This was the second increase since February 16 and third since January.
Oil companies review petrol, diesel prices on a fortnightly basis, while cooking fuel prices are reviewed on a monthly basis.