Good News on Petrol, Diesel Prices Soon!

The Government of India is considering reducing petrol and diesel prices domestically, a move attributed to the recent decline in crude oil prices to their lowest levels since January, according to analysts. Crude oil prices in the market have been gradually decreasing. In June 2022, the price per barrel reached a decade-high of $115. Currently, the price of crude oil per barrel has dropped to around $70.

Crude oil prices, which had skyrocketed due to past global geopolitical uncertainties, are now on a downward trend. Recently, crude oil prices have been hovering around $70 per barrel. When crude prices were at their peak, the central government raised petrol and diesel prices to prevent losses for oil refining companies. However, despite the general election scenario where prices were slightly reduced, they were not adjusted in line with the declining crude prices, resulting in substantial profits for these companies.

With the upcoming Haryana and Maharashtra Assembly elections, the ruling party is planning to win voter support. As part of this strategy, they are expected to lower petrol and diesel prices, as indicated by individuals familiar with the matter. The reduction could range from four to six rupees per liter.

Several factors are contributing to the decline in oil prices. Libya has increased its crude oil supplies. OPEC+ countries have decided to halt production cuts starting in October. Additionally, non-OPEC countries are also increasing their oil production. This rise in supply is leading to a drop in prices.

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