Petrol and diesel prices are stable during the Bihar assembly elections. Public sector oil companies have not made any change in prices for the past one month. This is not the first time that there has been no change in the prices of petroleum products during the elections. Even before this, petrol and diesel prices remained stable or trended down in many elections.
The government has no control over the prices of petrol and diesel. Petrol is out of government control in 2010 and diesel 2104. Public sector oil companies fix petrol-diesel prices daily from 16 June 2017. Earlier, prices were fixed every 15 days. But it has often happened that petrol and diesel prices stabilize during elections. If there is any change during the election campaign, it is done only to reduce it.
There was no change in the Karnataka assembly elections held in the year 2018 from 24 April to 14 May. Because, votes were cast in Karnataka on 12 May. Petroleum Planning and Analysis Cell’s Delhi data shows that this did not happen only in the Karnataka elections. During the Gujarat assembly election campaign this year, the prices of petrol and diesel continued to decrease. On December 12, 2018, after the second and last phase of voting ended, there was an increase of just nine paise.
Petrol and diesel prices also moderated during the Madhya Pradesh and Chhattisgarh assembly elections. At the beginning of the election campaign, on October 23, 2018, the price of petrol was Rs 81.34 and diesel was Rs 74.85. On November 20, when the election was over, the price of petrol was reduced to Rs 76.38 and diesel was Rs 71.27 per liter. The price of petrol and diesel remained stable in the Delhi assembly elections held earlier this year.
Even during the last Lok Sabha election campaign, there was a trend of price stagnation or decrease. A slight increase was made once or twice, but this increase was reduced within a day or two. However, Indian Oil Chairman Srikanth Madhav Vaidya had said recently that the price of crude oil has not changed much. Therefore, there is no need to change the retail prices of petrol and diesel.