New Delhi: India has agreed to release 5 million barrels of crude oil from its strategic emergency reserve. These releases have been followed in parallel with interactions with major consumers around the world, including the US, China, Japan and Korea.
India expresses concern over artificially bringing down oil demand
India expresses concern over attempts by oil producing countries to artificially bring down oil supply below demand level Due to which the negative consequences of rising prices of petroleum products and rising prices of consumer goods have also come to the fore. India consumes 50-55 lakh barrels of petroleum products per day, almost as much as the central government has agreed with the major countries of the world community to release petroleum reserves, with the help of this effort by the petroleum producing countries ie OPEC countries, especially Saudi Arabia. There is an attempt to put pressure on the Arabs so that they can increase the production of petroleum products and their prices can be worked out.
The central government had reduced the excise duty on petrol and diesel
Prime Minister Modi is continuously reviewing higher petroleum diesel prices domestically, to control inflationary pressures, Government of India has increased the ‘central excise duty’ on petrol and diesel by Rs 5 and Rs 10 VAT on petroleum has been reduced by several state governments on 3rd November 2021 and thereafter, these tough steps were taken to provide relief to the citizens, despite the huge financial burden on the government.
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Petrel diesel to be cheaper! Government of India will launch 5 million barrels of crude oil from its strategic reserve
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