petrol and diesel prices likely to drop...!?
Petrol and diesel prices may soon fall as oil marketers make profits, according to reports. Prices were determined twice a month depending on the oil price in the international market. This time, the system has been changed and the bharatiya janata party government has introduced a system to fix the daily price of petrol and diesel. The responsibility for setting this was given to the oil companies. Later, a daily pricing system for petrol and diesel was implemented. Despite the moderate price of crude oil in the international market, the prices of petrol and diesel in our country are said to continue to rise. petrol and diesel prices rose significantly after falling slightly. As the prices of petrol and diesel rise, so do the prices of daily necessities.
This has caused a great deal of inconvenience to the people of Japan. In this situation, there are reports that oil market players are likely to reduce the prices of petrol and diesel. petrol and diesel prices have not changed for more than a year, but the news that they may soon fall has caused joy among the public. Ahead of the 2024 lok sabha elections, the central government appears to be considering passing on the benefits of falling oil prices to consumers. petrol and diesel prices may soon come down as oil marketing companies (OMCs) are currently making profits from both petrol and diesel, sources said.
The government also seems to be thinking about helping the people. The Ministry of Finance and Petroleum will discuss the current situation of crude oil prices. The report further said that the profitability of oil marketing companies is discussed considering global factors. The cost of petrol now stands at Rs 4,444 compared to peak losses of Rs 17 per liter for petrol and Rs 35 per liter for diesel in 2022. An oil marketing company earns a profit of 3 to 4 rupees on diesel. The Ministry of Petroleum is already reviewing crude oil and retail prices with oil marketing companies. Strong earnings over the past three quarters have narrowed overall losses for oil marketing companies. Three oil marketing companies, IOC, hpcl and BPCL, made a profit of Rs 28,000 crore in the last quarter alone. Therefore, the oil marketer makes a profit and his losses are zero. Therefore, the benefits need to be transferred to consumers. Lowering the price of petrol and diesel will help the government control inflation. The central government also expects oil prices to remain in the range of $75-80 per barrel. petrol and diesel prices across the country have remained unchanged for a year. The last fuel price reduction was on May 21 last year. Excise duty on petrol is Rs 8 per liter. The central government has also reduced diesel tax to Rs 6 per liter.
This has caused a great deal of inconvenience to the people of Japan. In this situation, there are reports that oil market players are likely to reduce the prices of petrol and diesel. petrol and diesel prices have not changed for more than a year, but the news that they may soon fall has caused joy among the public. Ahead of the 2024 lok sabha elections, the central government appears to be considering passing on the benefits of falling oil prices to consumers. petrol and diesel prices may soon come down as oil marketing companies (OMCs) are currently making profits from both petrol and diesel, sources said. The government also seems to be thinking about helping the people. The Ministry of Finance and Petroleum will discuss the current situation of crude oil prices. The report further said that the profitability of oil marketing companies is discussed considering global factors. The cost of petrol now stands at Rs 4,444 compared to peak losses of Rs 17 per liter for petrol and Rs 35 per liter for diesel in 2022. An oil marketing company earns a profit of 3 to 4 rupees on diesel. The Ministry of Petroleum is already reviewing crude oil and retail prices with oil marketing companies. Strong earnings over the past three quarters have narrowed overall losses for oil marketing companies. Three oil marketing companies, IOC, hpcl and BPCL, made a profit of Rs 28,000 crore in the last quarter alone. Therefore, the oil marketer makes a profit and his losses are zero. Therefore, the benefits need to be transferred to consumers. Lowering the price of petrol and diesel will help the government control inflation. The central government also expects oil prices to remain in the range of $75-80 per barrel. petrol and diesel prices across the country have remained unchanged for a year. The last fuel price reduction was on May 21 last year. Excise duty on petrol is Rs 8 per liter. The central government has also reduced diesel tax to Rs 6 per liter.
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