Modi government will give a big gift in the new year! Petrol and diesel may become cheaper by Rs 6 to 10 a liter

Modi government can reduce the prices of petrol and diesel in the coming days, giving relief to the common man. According to reports, prices on both petrol and diesel may be reduced by up to Rs 10. Reports say that the government is in talks with oil companies to reduce prices. There has been no change in the prices of petrol and diesel from May 2022. Earlier, oil companies were making a loss of Rs 17 on petrol and Rs 35 on diesel, but after crude oil became cheaper, oil companies are making a profit of Rs 8-10 on petrol and Rs 3-4 on diesel.

Currently, petrol and diesel prices in Delhi stand at ₹96.71 and ₹89.62 respectively, while fuel prices are above ₹100 in many major cities like Mumbai and Bengaluru. Petrol and diesel prices across India had crossed ₹110 in several major metro cities, mainly due to market volatility due to the Covid pandemic and the Russia-Ukraine war, which led to a rise in crude oil prices. Union Petroleum and Natural Gas Minister Hardeep Singh Puri earlier credited the Modi government for the fall in oil prices in India. He said that while petrol prices increased by 70-80 per cent in North American countries, rates in India fell by 5 per cent.

Crude oil prices in the international markets are currently trading at a price of 70 to 80 dollars per barrel, which is why a proposal has been sent to the Prime Minister’s Office in favor of cutting fuel prices. Due to the fall in international crude oil prices, the three big state-owned oil companies in India – Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) made huge profits.