A cut in petrol and diesel prices can be seen soon. For those waiting, the latest update is coming from the government. If there is a change in oil prices, it will happen after 6 months. The last time petrol and diesel prices were cut was on 14 March 2024.
According to the information, there were speculations of a reduction in fuel prices in recent times, but now the government has given its clear answer on this. Petroleum Secretary Pankaj Jain said that the country's oil marketing companies (OMCs) will take the final decision on the cut in fuel prices.
Decision can be taken if oil rates remain low
If crude oil prices remain low in the international market for some time, then government oil companies can consider cutting prices. Jain gave this information during a conversation with a TV channel.
In India, 3 major government oil companies—Indian Oil Corporation (IOCL), Hindustan Petroleum (HPCL), and Bharat Petroleum (BPCL)—retail fuel. These companies review the prices of diesel and petrol based on the price of crude oil in every international market.
Petrol and diesel became cheaper by Rs 2 in March
Let us tell you that there were reports of reduction in fuel prices in the last few days. The last time the prices of diesel and petrol were reduced by Rs 2 per liter in March. Now even after 6 months, there is no change in the price of fuel.
How much fall in crude oil
According to the data of Petroleum Planning and Analysis Cell (PPAC) of the Ministry of Petroleum, the price of crude oil in the Indian basket has fallen by 20.61% in the last 6 months. In April 2024, the price of crude oil was $ 89.44 per barrel, which has now come down to $ 71 per barrel. Despite this, the prices of petrol and diesel have been cut only twice in the last 30 months.
Petrol may become cheaper by Rs 10
Oil companies have made good profits from refinery margins. In 2022-23, companies made a profit of $18 (Rs 9.57 per liter) on refining a barrel of oil, while in 2023-24 this margin was Rs 6.50 per liter. If companies give even half of this margin to customers, then petrol can become cheaper by Rs 10 and diesel by Rs 6-8 per liter.