Petrol and Diesel Prices May Drop Soon, Government Hints at Relief for Consumers

New Delhi: There may be good news for people hoping for relief from inflation. Union Petroleum and Natural Gas Minister Hardeep Singh Puri has indicated that there may be a decline in the prices of petrol and diesel in the coming times. He says that as soon as the crude oil recently purchased at low prices reaches Indian refineries, common consumers can also benefit from it.

When can people get relief?

While talking to the media in Sonbhadra, Uttar Pradesh, the minister said that currently oil companies are using old stock, which was purchased at high prices. Therefore, the impact of the fall in crude oil prices in the international market is not yet visible on retail fuel prices.

He said that as new and cheaper crude oil reaches the refineries, the possibility of reducing the prices of petrol and diesel will increase.

How did the government control prices?

Hardeep Singh Puri said that despite several crises globally and increasing tensions in West Asia, fuel prices in India have been kept under control to a great extent. He said that the Central Government has reduced excise duty several times in the last few years, due to which there is no additional burden on the consumers.

According to the minister, the government itself has borne the burden of about Rs 10 per liter on petrol and diesel.

How is India's position compared to the world?

Puri claimed that fuel prices in most countries of the world have increased much more than in India. He said that among 193 countries, India is among those countries where the increase in the prices of petroleum products has been relatively low.

He also said that despite the global circumstances arising during the Russia-Ukraine war, India has tried to provide great relief to consumers.

How much pressure is there on oil companies?

According to the minister, oil marketing companies are still facing huge financial pressure. He said that due to rising costs, companies are facing huge losses every day. Despite this, efforts have been made to ensure that the full brunt of the international market does not fall directly on the general public.

What was the impact of the Middle East crisis?

In recent times, rising tensions in West Asia have affected the global oil market. Fluctuations in oil prices have affected countries around the world. Experts believe that if tensions in the region increase further, there could be pressure on crude oil prices again.

However, if prices remain stable in the international market and cheap crude oil continues to be available, Indian consumers may get relief in the coming months.

What are the latest prices in metros?

At present, there has been no new change in the prices of petrol and diesel in the major metros of the country. Old prices are applicable in Delhi, Mumbai, Kolkata and Chennai. The market is now keeping an eye on how long the impact of cheap crude oil will be visible on retail prices.