Petrol and diesel prices will drop soon, good news by Diwali

Petrol-Diesel: A good news is going to come in the country during the festive period. Lakhs of vehicle owners are going to benefit from this. This advantage is related to prices of petrol and diesel. If you have a car, keep your tank a little empty. Petrol and diesel prices are going to decrease. This is due to the continuous decline in international crude oil and Brent crude oil prices. In the international oil market on Friday, Brent crude fell 6.53% year-on-year to $72.12 per barrel. At the same time, crude oil prices fell by 3.38% to $69.24 per barrel. After the continuous fall in crude oil prices, if the decline in crude oil prices continues now, petrol and diesel prices in the country are likely to come down by Diwali. Sources in the petroleum industry say that if crude oil is cheap, the price of petrol and diesel will come down, and only when the price of crude oil continues to fall in the international market can the price of petrol and diesel be reduced in the country. In the international market, Brent crude fell below $70 a barrel last Tuesday. This was the first time since December 2021, but crude oil rose again due to Hurricane Francine, which affected crude oil supplies in the Gulf of Mexico. On Friday, Brent crude oil settled at $72.12 a barrel, while West Texas Intermediate rose to $69.24. Officials have said that if the price of crude oil continues to fall in the international market, there will be a change in the price of petrol and diesel. Petrol and diesel prices have remained stable for over two years, barring pre-election cuts earlier this year. Petroleum Department Secretary Pankaj Jain has said that if the price of crude oil continues to fall in the international market, the petroleum companies will take appropriate decision to reduce the fuel price. Petro industry sources are confused as the three PSU fuel retailers are making good profit on petrol and diesel but want to ensure improvement in prices before deciding to cut prices. An official said that the petroleum marketing companies do not want a situation where the prices are going down and prices are going up internationally. These companies are currently in a state of confusion. Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (PBCL) and Hindustan Petroleum Corporation Limited (HPCL) have expressed hope that petrol-diesel prices will come down by Rs 2 before the upcoming assembly elections in Maharashtra. MK Global informed that the Model Code of Conduct will be in force in Jammu and Kashmir and Haryana for a month. In such a scenario, we expect the cut to take place around Diwali and before the Model Code of Conduct for Maharashtra Elections. Petrol, diesel may be reduced by Rs 2 per litre. Also Read: Discrimination of Inflation: People of Bihar Harshly Plundered, Love Showered on Telangana India Imports 85 Percent of Its Oil India imports 85 percent of its petroleum needs and its fuel prices are pegged to international prices. Despite having the freedom to set prices, the petroleum marketing companies have not revised prices accordingly since the end of 2021. He reduced the price by Rs 2 per liter before the general elections. Petrol price in national capital Delhi is Rs.94.72 per liter and diesel price is Rs.87.62 per liter. Also read: Gold prices at record highs ahead of weddings and festive season, silver rises by Rs 5,200 The post Petrol, diesel prices to drop soon, good news by Diwali appeared first on Prabhat Khabar.