The latest update has arrived for the common people waiting for a reduction in the price of diesel and petrol. Amidst speculations and news of price reduction for the last few days, now the government has given its answer on this and has told when the next reduction in the price of diesel and petrol is going to happen after Holi.
Petroleum Secretary gave this update
Petroleum Secretary Pankaj Jain said on Thursday that the country’s oil marketing companies (OMCs) will decide about reducing fuel prices. If the price of crude oil remains soft in the international market for some more time, then government oil companies can take a decision in this regard. The Petroleum Secretary gave this information while talking to a TV channel.
The prices are reviewed every fortnight
Three government oil companies in the country, Indian Oil Corporation (IOCL), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL) retail petroleum products including diesel and petrol. These government oil companies review the prices of diesel and petrol every fortnight according to the price of crude oil in the international market.
The last cut was made 6 months ago
This first comment from the government has come at a time when for the past few days there have been continuous reports that the government may once again cut the price of diesel and petrol. The price of diesel and petrol was last cut on 14 March 2024. At that time the prices of diesel and petrol were reduced by Rs 2-2 per liter. That is, it has been 6 months since the last cut in the price of diesel and petrol and there has been no change in the price of fuel in those 6 months.
Festivals starting next month
The last reduction in the price of petrol and diesel was done just before the festival of colours, Holi. This year, the festival of Holi was celebrated on 25th March. The festive season is about to start in the country. The series of festivals will begin with the next month. The festival of Dussehra is falling on the 12th of the next month, while Diwali is on 31st October.
The price of crude oil is currently running at this rate
In the foreign market, crude oil is currently trading at around 3-year lows. Today, on Thursday, Brent crude is trading at $71.57 with a gain of 1.36 percent and West Texas Intermediate is trading at $68.27 per barrel with a gain of 1.43 percent. Earlier this week on Tuesday, the price of Brent crude had fallen below $70 per barrel. This is the first time since December 2021 that the price of crude oil has fallen below $70.
Also read: When will diesel and petrol prices be reduced? Crude oil has reached a 3-year low in the foreign market
