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Cylinder Gas: Jet fuel or ATF prices were cut by 6.5 percent and commercial LPG cylinders used in hotels and restaurants by Rs 69 on Saturday due to falling crude oil prices in the international market.

6673 per kiloliter of aviation fuel in the national capital, according to a notification by government fuel dealers. 87 or 6.5 per cent down to Rs 94,969.01 per kilolitre. The cut followed a marginal hike of 0.7 per cent (Rs 749.25 per kiloliter) on May 1.

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ATF rate in Mumbai has been increased from Rs 95,173.70 to Rs 88,834.27 per kilolitre. Prices vary from state to state depending on local taxes. Oil companies have reduced the price of commercial LPG cylinders by Rs 69 to Rs 1,676 per 19 kg cylinder.

This is the third monthly rate cut in a row. The cylinder price was cut by Rs 19 on May 1 and by Rs 30.5 on April 1. Domestic cooking gas prices, however, remain unchanged at Rs 803 per 14.2 kg cylinder. Commercial LPG rates were cut for the first time since January on April 1. On February 1, the price was increased by Rs. 14 per cylinder and on March 1 by Rs. 25.5 per cylinder.

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Public sector Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) revise ATF and cooking gas prices on the 1st of every month based on the average price of benchmark international fuel and foreign exchange rates.

Petrol and diesel prices are still stable. In mid-March, the price was reduced by two rupees per litre. Petrol price in Delhi is Rs 94.72 and diesel price is Rs 87.62.

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Windfall tax on crude oil to Rs 5,200 per tonne The government has increased the windfall tax on domestically produced crude oil from Rs 5,700 to Rs 5,200 per tonne from Saturday. This tax is levied in the form of Special Additional Excise Duty (SAED). SAED on exports of diesel, petrol and jet fuel has been maintained at 'nil'. The new rates will be effective from June 1, the official notification said.

India introduced the unprecedented profits tax on July 1, 2022 for the first time in many countries that tax the supernormal profits of energy companies. Tariffs are reviewed every fortnight based on the average oil prices of the previous two weeks.