Wednesday, February 28th, 2024

Good News: After 8 months, the price of petrol and diesel will be cut soon! Know how much the rate will decrease

Photo:India TV petrol and diesel prices

petrol and diesel The 8-month long wait for the price cut is expected to end soon. Its indications have come from the statement of Union Petroleum Minister Hardeep Singh Puri. He has appealed to the oil companies to reduce the oil prices in the country if the oil prices are under control in the international market and the recovery of losses of the companies is complete. After this, speculations are being made that soon petroleum companies can cut the price of petrol and diesel in the country. Now the question arises that if there is a cut in the price of fuel, then how much will it be per litre. We spoke to two veterans of the energy sector to know about this. So come, let us know how much rupees relief can be given to you by petroleum companies.

No change in price after May 21 last year

Let us tell you that the reduction in fuel rates took place on May 21 last year, when Finance Minister Nirmala Sitharaman cut excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per litre. Since then there has been no change in the price of petrol and diesel. Meanwhile, there has been a big drop in the price of crude oil in the international market. Stagnation in the rate is also being seen for a long time. Anuj Gupta, Vice President, Research, IIFL Securities told India TV Told that after the war between Russia and Ukraine last year, the price of Brent crude had reached Rs 133 per dollar. However, now it has come down to Rs 86 per barrel. The price of Brent crude has been running between 80 to 90 dollars per barrel for a long time. That is, oil companies are saving about $ 45 per barrel. This has helped them to bridge their losses. Now they have an opportunity to increase their market share. In such a situation, it is certain to get relief on petrol and diesel in the coming days. I believe there can be a cut of Rs 1 to 2 per litre.

These 3 factors became helpful in reducing the price

  1. Forex Reserve increased: For the last one month, the foreign exchange of the country has started increasing again. This is good news for the government.
  2. Rupee gains strength The rupee has reached a two-month high against the US dollar. Rupee is once again trading at 80.88. This will help in reducing the trade deficit. At the same time, it will reduce the import burden of fuel.
  3. Stagnation in the price of crude oil: For the last few months, the ups and downs in the price of crude oil have stopped. Crude oil is trading below 90. This is indicating stagnation in crude oil. These three reasons are giving oil companies a chance to reduce the price.

how much rupees deduction is possible

Commodity market expert and president of Kedia Advisory Ajay Kedia told India TV that for the last one month, improvement in forex reserve, strengthening of rupee and stagnation in the price of crude oil in the international market is a relief news for India. Stabilization in the price of crude oil will not only reduce the import bill but will also help in bridging the trade deficit. Lower crude oil prices have reduced the burden on petroleum companies. Petroleum companies can give the benefit of this to the common people in the coming days. I believe that in the current situation, petroleum companies can cut the price of petrol and diesel by Rs 2 per litre.

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