Petrol price, diesel price may see big drop in India soon. Here are the details


Falling global crude prices is likely to allow the union government to slash petrol and diesel prices in India in the run up to 2024 Lok Sabha electio

Falling global crude prices is likely to allow the union government to slash petrol and diesel prices in India in the run up to 2024 Lok Sabha elections.

File photo: An attendant holds a petrol nozzle at a petrol pump. (REUTERS)

Petrol and diesel prices in the country may see a big drop soon in the run up to the 2024 Lok Sabha elections which will take place across the country in the months of April and May of 2024. It has been reported that the final nod for a price cut in petrol and diesel is awaited from the Union Finance Ministry.

A report by News18 highlighted that the final green signal for a price cut in the region of around 10 per litre on both petrol and diesel will soon come from the Union Finance Ministry. The previous price cut on both petrol and diesel came nearly tw years ago when there was a reduction in Central Excise Policy by 8 and 6, respectively.

Petrol and diesel prices in the country have remained unchanged over the past several years. Prices of both automotive fuel vary from state to state because each state government imposes different amount of taxes and cess. In Delhi, for example, a litre of petrol is at 96.71 while a litre of diesel is at 89.62. But in Mumbai, the prices of petrol and diesel are at 106.31 and 92.78, respectively.

Petrol prices, in fact, have been in three figures in many states across the country. The rates had even reached 110 per litre at a point in time when fluctuations in the market caused by the Covid pandemic and the Russia-Ukraine war led to a rise in crude oil prices. At present, however, global crude prices have taken a tumble and could allow for a price cut within the domestic Indian market.

A Reuters report higlights that oil prices are likely to end 2023 at about 10 per cent lower and that this will be the first annual decline in around two years. Brent crude futures were at $77.63 on Friday, the last trading day of the calendar year. And while there have been production cuts by many of the oil producing countries across the globe, this had hardly helped to increase prices.

First Published Date: 29 Dec 2023, 12:28 PM IST



Source link

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -spot_img

Latest Articles