Masroor qayoom
Buzzbytes, New Delhi, Dec 29:
The government is considering a reduction in petrol and diesel prices in anticipation of the upcoming Lok Sabha polls. With a decline in global crude oil prices, currently at around $77 per barrel for Brent crude, there’s room for price adjustments.
The Ministry for Petroleum and Natural Gas has evaluated potential price cuts ranging between Rs 4 to Rs 10 per litre for both fuels. Such reductions aim to ease the financial burden on consumers and stimulate economic activity.
Furthermore, to ensure that oil Public Sector Undertakings (PSUs) like Indian Oil, Bharat Petroleum, and Hindustan Petroleum aren’t solely affected, the government is contemplating a reduction in excise duty on petrol and diesel.
It’s worth noting that the last revision in fuel prices occurred in May of the previous year when the Finance Ministry reduced excise duty on petrol by Rs 8 per litre and diesel by Rs 6 per litre.
The final decision on this matter rests with the Prime Minister, underscoring the significance and potential impact of such a move ahead of the national elections.
