The central government is planning to bring down petrol and diesel prices ahead of the 2024 Lok Sabha elections that are scheduled to take place next year. This will provide a major relief to fuel consumers across the nation.
Currently, the international market has witnessed a decline in the crude oil price which will lead to a fall in fuel prices in India. News18 reported that the Union Finance Ministry will likely cut the petrol and diesel prices by ₹10 soon.
This came nearly two years after the Indian government had decided to decrease petrol and diesel prices by slashing by ₹8 and ₹6 respectively. At present, the petrol and diesel prices in Delhi are ₹96.71 and ₹89.62 respectively, while the fuel is being sold at above ₹100 in cities like Bengaluru and Mumbai.
In international markets, crude oil prices are being traded at $70 to $80 per barrel. The report stated that a proposal has been sent to the Prime Minister’s Office in favor of cutting fuel prices across the country.
On Thursday, oil prices fell more than one percent as concerns eased about shipping disruptions along the Red Sea route, even as tensions in the Middle East continue to fester.
Crude has risen about eight percent since its December low as Houthi attacks on vessels in the Red Sea forced tankers and other ships to divert on longer voyages, boosting costs.
US WTI crude futures were trading 82 cents, or about 1.1 percent, lower at $73.29 a barrel, according to news agency Reuters. Oil prices dropped nearly two percent on Wednesday as major shipping firms began returning to the Red Sea.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 30 Dec 2023, 09:45 AM IST