Petrol-Diesel Rate: The biggest question for daily travellers living in India is when will the prices of petrol and diesel decrease in the country? When the prices of crude oil came down recently, it seemed that the prices of petrol and diesel could also be reduced in the country. However, you may have to wait a little longer for this. This may disappoint you, but informal indications have been received from the Petroleum Ministry of India. If you are waiting for the prices of fuel to decrease, then wait for some more time.
What did the Petroleum Ministry official say unofficially
The Petroleum Ministry official said that although there are assembly elections in the state of Mumbai, the country’s financial capital, recently, nothing can be said about reducing the fuel prices before these elections. A senior officer of the Petroleum Ministry, on the condition of anonymity, said that there has been a lot of fluctuation in the prices of crude oil. Although the prices had come down to $ 70 per barrel one day, but after that they have increased again.
When asked about the expectation of reduction in petrol and diesel prices before the assembly elections in Maharashtra, the official said that he is unable to give any clear answer. He also said that as long as the fluctuations in crude oil continue, it is unlikely that government petroleum companies will revise the prices. These answers have been given by the senior official in response to PTI’s questions.
Since when have the country’s three main oil marketing companies not reduced prices
Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have not changed prices since 2021 even though their costs have come down. Despite the reduction in costs, there is no reduction in the domestic prices of petrol and diesel and the reason behind this is that there is a lot of volatility in the international prices of crude oil. All the three government oil marketing companies and fuel retailers have been making good profits on petrol and diesel for a long time, but before deciding to cut prices, they want to ensure that the trend of improvement in prices continues.
The price of crude oil had fallen so much that there was an expectation of fuel becoming cheaper
Global oil benchmark Brent crude futures fell below $ 70 a barrel last week and this was its lowest level since December 2021. However, later its price climbed again and looking at today’s rate, Brent was trading at $ 74.58 a barrel.
What is the current situation regarding the price of crude oil in the country
If we look at the prices of petrol and diesel in the country, there was a reduction in their prices before the Lok Sabha elections were to be held earlier this year. However, apart from that unexpected situation, there has been no change in their prices for more than two years now. In the national capital Delhi, the price of petrol is Rs 94.72 per liter while the rate of diesel is Rs 87.62 per liter.
When did the retail price of petrol and diesel get reduced
Petroleum companies had fixed retail prices in April 2022. After this, the price of petrol and diesel was reduced by Rs 2 per liter only once (before the Lok Sabha elections 2024). However, at that time it was seen as a completely electoral bet.
India meets 85% of its oil needs through imports
Crude oil is converted into fuels like petrol and diesel in refineries. In such a situation, with the fall in crude oil prices, the hopes of reduction in fuel prices also start increasing, but this has not happened yet. India imports 85 percent of its petroleum needs and its prices are determined according to international rates.
Input also from PTI
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