Petrol-Diesel Prices Cut: There is going to be a big cut in the prices of petrol and diesel before the Lok Sabha elections to be held in the first half of 2024. If sources are to be believed, the prices of petrol and diesel may reduce by Rs 8 per liter.
Petrol-Diesel Prices Cut: Get ready for New Year celebrations. Prime Minister Narendra Modi himself is going to give a big gift just before the New Year. There is going to be a huge reduction in the prices of petrol and diesel. There is going to be a big cut in the prices of petrol and diesel before the Lok Sabha elections to be held in the first half of 2024. If sources are to be believed, the prices of petrol and diesel may reduce by Rs 8 per liter. This will be announced before the end of the calendar year.
Awaiting Prime Minister’s approval
According to sources, the Petroleum Ministry has prepared a proposal for a reduction of Rs 8-10 per liter in petrol and diesel. The Prime Minister’s approval is pending on this. A decision on this may also be taken by late Thursday night.
Reason for fall in crude oil prices
In fact, the ministry has argued that there has been a sharp decline in the purchase price of imported crude oil. This crude oil is sent to the refinery to make petrol and diesel. Crude oil prices have averaged $77.14 per barrel so far during the financial year 2023-24 (April-March), with an increase seen in only two months – $93.54 in September and $90.08 in October. The average price of crude oil in 2022-23 was $ 93.15 per barrel.
Oil companies made huge profits
With no change in ex-refinery prices of both the fuels from April 6, 2022, low crude oil prices in the current financial year have led to big profits for the three state oil marketing companies – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corporation . In the first six months of this financial year, IOC, BPCL and HPCL combined made a net profit of Rs 58,198 crore.
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