Latest news on petrol and diesel price cut -The central government is planning to cut the prices of petrol and diesel soon. According to media reports, the government is planning to give a big relief to the common people in view of the Lok Sabha elections to be held in 2024. According to our associate website Wion, the government may announce a big cut of more than 8 rupees per litre in the prices of petrol and diesel.
There is currently a decline in the crude oil price in the international market, which will factor in while slashing the fuel prices in India. The Union Finance Ministry will be making the price cut soon, a News18 report said.
It is likely that the prices may be slashed by ₹10 in both petrol and diesel. This move comes nearly two years after the Centre had decided to slash the prices of petrol and diesel by cutting the Central Excise Policy by ₹8 and ₹6 respectively.
What Are The Petrol Prices?
In the national capital Delhi, the price of one litre of petrol is 96.72 rupees at present. In Rajasthan, it is 109.34 rupees. In Haryana, it is 97.31, in UP it is 97.05 and in Punjab it is 98.45 rupees per litre of petrol. Talking about diesel, it is 89.62 per litre in Delhi, 90.16 in UP, 88.57 in Punjab and 90.16 rupees per litre in Haryana. If there is a cut in the prices of petrol and diesel, it will give a big relief to the people.
Petrol and diesel prices across India had crossed the ₹110 mark in several major metro cities, majorly due to the fluctuations in the market caused by the Covid pandemic and the Russia-Ukraine war, leading to a rise in crude oil prices.
Government Oil Companies Made Huge Profits
No change has been made in the pre-refinery prices of fuel by the government oil companies since April 6, 2022. In the current financial year, three government oil companies – Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) have made huge profits from the low prices of crude oil. In the first six months of this financial year, IOC, BPCL and HPCL have jointly earned a net profit of 58,198 crore rupees.
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri earlier credited the Modi government
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri earlier credited the Modi government for the drop in oil prices in India. He pointed out that while petrol prices were up by 70-80 percent in North American countries, India had a 5 percent drop in rates.
Crude oil prices are currently trading at a cost of $70 to $80 per barrel in international markets, which is why a proposal has been sent to the Prime Minister’s Office in favour of cutting fuel prices, said the News18 report.
Due to the drop in crude oil prices internationally, the three big government run oil companies in India – Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) – took home major profits.
(With inputs from Agencies)