Petrol-Diesel Prices Cut: In the coming days, common people can get a big relief from expensive petrol-diesel prices. Government oil companies have indicated that if the crude oil price in the international market falls below $80 per barrel and the prices stabilize there, then the government oil companies will start changing the prices on a daily basis.
Oil industry officials said that public sector marketing companies will start revising the prices of petrol and diesel on a daily basis only when the crude oil prices in the international market stabilize below US $ 80 per barrel. The three retail government oil companies Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) have kept the prices of petrol and diesel stable for the last 20 months. These three companies have not made any change in prices since the first week of April 2022. However, the Central Government had definitely given relief to the people from inflation by reducing the excise duty on petrol and diesel in May 2022.
At present, crude oil is trading around $84 per barrel in the international market. An oil company official said that there is a lot of instability in the international oil market and wild fluctuations are being seen in prices. He said, ‘Oil companies can reduce the prices by one rupee per liter at this time and if they do so, everyone will appreciate it. But, there is doubt whether they will be allowed to increase rates when international oil prices rise. Another official said, ‘Some days there is profit in selling diesel, but some days there is loss. There is no clear price trend.
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