Fuel Prices In India To be Reduced Likely Soon?

Mon Jan 23 2023 14:29:49 GMT+0530 (India Standard Time)

The fuel prices in India are higher than in many nations due to various reasons. Earlier there used to be a big gap between the prices of Petrol and Diesel. But the difference in prices is very thin. The prices stand at more than Rs 100 per litre for Petrol and Diesel.

The prices used to be increased at regular intervals. However, the prices remained constant for the past few months. The fuel prices became a big headache to the union government led by the Bharatiya Janata Party and the opposition parties allege the party will reduce the prices only if there is an election.

Now the Union Government told a piece of good news to people about the fuel prices. Petroleum Minister Hardeep Puri gave hope that the prices would go down after the oil marketing companies (OMCs) sees some profits. He said this addressing the media.

Talking about global fuel prices, the Petroleum Minister said that the oil marketing companies (OMCs) had to face losses and due to this the companies had to increase the prices. Saying that the companies are recovering from the losses now, the Minister said that the fuel prices might be reduced.

The Minister said that the oil companies are seeing profits with Petrol sales. However, the companies are still going through losses with Diesel and once the Diesel sales start seeing profits then the companies are likely to reduce the fuel prices.

The Minister said that the crude prices have increased due to the Russia-Ukraine war and despite this, the oil companies did not increase the fuel prices in India to see that the people will not face any burden or issues.

It is known that the fuel price is more than Rs 110 in India. The prices fluctuate in a few states based on state taxes and excises. A few Bharatiya Janata Party-ruled states had cut short the prices by cutting short the taxes. However, a few states like Tamil Nadu also reduced the taxes to favour the people. If the Minister's comments appear true and the fuel prices are reduced then people will have a big relief.