Big Relief: Petrol and Diesel Prices to Drop as Crude Oil Prices Stay Low, Says Petroleum Secretary

Petrol and Diesel Prices Likely to Drop in India Amid Falling Global Crude Rates

Guwahati: Indian consumers may soon see a reduction in petrol and diesel prices if the current trend of falling global crude oil prices continues, according to Pankaj Jain, Secretary at the Ministry of Petroleum and Natural Gas.

In a statement made on Thursday, September 12, Jain indicated that oil companies are likely to consider cutting fuel prices in the near future. This announcement aligns with a significant decline in global crude oil prices observed earlier in the week.

On Tuesday, September 10, benchmark crude futures fell below $70 per barrel, hitting a 33-month low. This is the first time since December 2021 that crude has dropped to such levels. As demand for fuel increases, India remains committed to advocating for higher oil output from the Organisation of Petroleum Exporting Countries (OPEC), its allies, and Russia.

India, being the world’s third-largest oil importer, stands to potentially benefit from this dip. If the trend of lower crude prices persists, it could lead to a reduction in domestic fuel prices, offering much-needed relief to consumers.

The government’s primary focus remains on ensuring steady and reliable oil supplies to meet the country’s growing demand. This strategic push for increased production from global oil suppliers underscores India’s proactive stance in securing its energy needs amidst fluctuating market conditions.

This potential cut in fuel prices comes at a crucial time, offering economic respite and aligning with broader governmental efforts to manage inflation and stabilize the economy.

Original Story https://www.guwahatiplus.com/india/petrol-diesel-prices-to-be-reduced-if-crude-oil-prices-remain-low-petroleum-secretary
Category : India
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