Petrol-Diesel Price Cut-
There is big news for the common people who are waiting for a reduction in the prices of diesel and petrol. The government has now given its answer amid the news of cuts that have been going on for the past few days. the government has now given its answer and has announced when the next reduction in the prices of diesel and petrol will take place.
In this regard, Petroleum Secretary Pankaj Jain said on Thursday that the country’s oil marketing companies (OMCs) will decide to reduce fuel prices. If crude oil prices remain low in the international market for some more time, state-owned oil companies may decide to do so. Speaking to a TV channel, the Petroleum Secretary gave this information.
The country has three state-owned oil companies, including Indian Oil Corporation (IOCL), Hindustan Petroleum (HPCL) and Bharat Petroleum (BPCL). These state-owned oil companies review the prices of diesel and petrol every fortnight based on crude oil prices in the international market.
Crude oil prices have fallen
The price of crude oil in the foreign market is currently at a three-year low. Today Thursday, Brent crude is trading at $71.57 per barrel with an increase of 1.36 percent and West Texas Intermediate is trading at $68.27 per barrel with an increase of 1.43 percent.
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Earlier this week, the price of Brent crude fell below $70 per barrel on Tuesday. This is the first time since December 2021 that crude oil prices have fallen below $70.
Last Price Cut in March
For the past few days, there have been reports that the government may once again reduce the price of diesel and petrol. The last cut in diesel and petrol prices was on March 14, 2024.
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At that time, the prices of diesel and petrol were reduced by Rs 2 each per litre. That means it has been 6 months since the last cut in diesel and petrol prices and there has been no change in fuel prices in the last 6 months.
State-run fuel companies may soon cut #petrol and #diesel prices if global oil prices remain low, according to Oil Secretary Pankaj Jain.https://t.co/GBfAtFKNSS
— Hindustan Times (@htTweets) September 12, 2024
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