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Petrol And Diesel Prices Will Not Be Reduced: Ahead of the general elections, the people who expected the central government to reduce the petro prices in the country were disappointed. The Central Petroleum Department has categorically said that there is no possibility of price reduction now.
Over the past few months, crude oil prices have declined in the international market, hovering in the range of $70-80 per barrel. So, everyone considered it an auspicious time to cut fuel prices.
Earlier there were reports in the national media that some officials said that the central government is trying to reduce the prices of petrol and diesel (petrol, diesel prices today). The news has written that an announcement will be made from the central government very soon on the reduction of rates. A maximum of Rs. A category that cuttings are likely to fall in the range of 4-6; Per liter Rs. Another group reported that it could be reduced to 10.
Till then there is no possibility of rate reduction
With the national media writing reliable information and the local media also covering the news, the people of the country are eagerly waiting for the oil prices to drop. However, the Ministry of Petroleum has insisted that there is no reduction in the rates of petrol and diesel in the country.
Petroleum Minister Hardeep Singh Puri clarified that due to tensions in the Red Sea, crude oil prices are being severely affected in the international market and there is no possibility of a reduction until the fluctuations subside and the prices stabilize.
The Union Minister said that geo-political tensions (Russia-Ukraine, Israel-Hamas war) in some parts of the world are having a severe impact on oil products and their prices. He said that 12 percent of international shipping traffic, 18 percent of oil and 4-8 percent of CNG transport is being done through Red Sea and Suez Canal.
Hardeep Singh Puri said that with Houthi attacks on commercial ships in the Red Sea and US counterattacks on Houthi boats, international oil prices are increasing and decreasing. In this context, they made it clear that their first objective is to make enough oil available in the country and keep the prices stable.
Today, WTI crude oil price rose by $0.25 to $72.95 a barrel, while Brent crude gained $0.16 to $78.41 a barrel.
There is no negotiation with the energy companies
Hardeep Singh Puri also responded to the news that talks were held with oil marketing companies such as Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) to reduce fuel prices in the country. He said that no discussions were held with OMCs for rate cuttings.
If the fuel prices come down, the financial burden on the people of the country will be reduced significantly. First, transportation costs are reduced. As a result food prices will come down. It will also moderate retail inflation in India, which rose to a three-month high of 5.55% in November.
In the last two years (November 2021, May 2022), the central government has reduced fuel rates in two installments. Combined in two installments, the excise duty on petrol has been reduced by Rs.13 per liter and on diesel by Rs.16 per litre. As a result oil prices have come down, but they are still unaffordable for the common man.
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