Possibility of Petrol and Diesel Price Reduction?
According to Petroleum Secretary Pankaj Jain, if global crude oil prices continue to fall, there is a likelihood of a decrease in domestic petrol and diesel prices.
New Delhi: Recent global declines in crude oil prices and the upcoming state assembly elections in various parts of India have raised expectations of a possible reduction in petrol and diesel prices. This news offers relief to many who have been facing challenges due to the prolonged surge in fuel prices.
According to Petroleum Secretary Pankaj Jain, if global crude oil prices continue to fall, there is a likelihood of a decrease in domestic petrol and diesel prices. Brent crude prices have recently dropped to a three-year low of $70 per barrel, signaling a decline in fuel demand due to the global economic slowdown.
Given the current scenario, the chances of a fuel price reduction are expected to rise, especially ahead of key state elections in Maharashtra and Haryana. However, despite the recent developments, fuel prices across the country remain above ₹100 per liter, contributing to inflation and an increase in the cost of essential goods.
The public and businesses are hopeful that a reduction in fuel prices will not only ease inflation but also boost the country’s economic growth.
