The national government intends to lower the cost of petrol and diesel in advance of the upcoming 2024 Lok Sabha elections, which are set for the following year. This will be a huge relief for fuel customers all throughout the country.
The price of crude oil has just dropped on the global market, which will cause fuel costs in India to drop. It is expected that the Union Finance Ministry would soon lower the price of petrol and diesel by 10.
This occurred almost two years after the Indian government resolved to lower the cost of petrol and diesel 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.
Crude oil prices are currently trading between $70 and $80 per barrel on international markets. According to the report, the Prime Minister’s Office has received a proposal for nationwide fuel price reductions.
Even as tensions in the Middle East simmer, worries about shipping interruptions along the Red Sea route subsided on Thursday, causing oil prices to drop by more than one percent.
Since its December low, crude has increased by roughly 8% as a result of Houthi attacks on Red Sea vessels forcing tankers and other ships to divert on lengthier routes, which has increased prices.
According to news agency, US WTI crude futures were down 82 cents, or roughly 1.1 percent, at $73.29 per barrel. Oil prices dropped nearly two percent on Wednesday as major shipping firms began returning to the Red Sea.
