Petrol Diesel price today drop: Relief for consumers
Get ready for some good news as the Petrol Diesel price today are expected to significantly drop, bringing some joyous relief to consumers.
| Credits - Mint |
Despite the passing of a year, the prices of petrol and diesel have remained largely unchanged in the country. Unfortunately, consumers have not seen any reduction in prices, but there is a glimmer of hope as the central government is considering ways to address this issue in the near future. It is possible that there may be a noteworthy drop in the prices of petrol and diesel throughout the country.
There's some good news in store for the general public as there is a possibility of petrol and diesel prices becoming more affordable soon. Despite hearing about this for the past year, the exact date for the reduction in fuel prices remains unknown. However, there have been numerous developments that could lead to a decrease in fuel prices, and we must comprehend the underlying calculations. Unfortunately, there hasn't been any significant change in petrol and diesel prices in the country over the past year, but there's a possibility that the central government may take steps to address this issue in the coming days. The country could see a significant reduction in petrol and diesel prices.
Crude oil
Crude oil undergoes refining to produce petrol and diesel, and the prices of crude oil experienced a significant increase last year, peaking at around $140 per barrel. Subsequently, OPEC nations regulated the prices, and they have been decreasing gradually since the start of this year. The current prices of crude oil, ranging from $73 to $78 per barrel, have caused petrol prices in India to reach 120 rupees per liter. Despite purchasing crude oil from Russia, there has been no considerable change in petrol and diesel prices. In March 2022, crude oil prices hit a maximum of $140 per barrel, but the selling prices for one liter of petrol and diesel, 17.4 rupees and 27.7 rupees, respectively, have remained unchanged to avoid public outrage. Nonetheless, companies claim that they have recuperated their losses during that time and are ready to increase prices.
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Petrol & Diesel price Mumbai |
INR 106.31 per litre/94.37 per litre |
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Petrol & Diesel price Delhi |
INR 96.72 per litre/89.62 per litre |
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Petrol & Diesel price Nagpur |
INR 107.01 per litre/95.05 per litre |
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Petrol & Diesel price Pune |
INR 106.17 per litre/95.05 per litre |
Excise duty reduced on petrol and diesel production
On May 22, the Indian central government lowered the excise duty on petrol and diesel, and subsequently, states governed by the BJP reduced their taxes on the increased prices. This led to the public enjoying a benefit of 10 to 12 rupees per liter. Despite this, fuel prices have remained relatively stable over the past year.
How much will it reduced?
It is possible that the prices of petrol and diesel will soon see a considerable drop, with a potential decrease in taxes of up to one to two rupees per liter or even as high as 20 rupees per liter. This could bring significant relief to citizens who have been grappling with high inflation.
When Petrol and Diesel prices will be reduced?
As per soruce information, it is likely that the cost of petrol and diesel will decrease in the near future. In the upcoming six months, there will be a slow but steady decline in the prices of petrol and diesel. Specialists suggest that there is a chance of up to 20 rupees per liter tax reduction on the current petrol and diesel prices. Nonetheless, the tax reduction will not be instant but will be implemented gradually over time.
Month of June first reduction?
According to reports, the state of Karnataka is holding elections this month, followed by elections in four other states. The Lok Sabha elections are scheduled for next year. Therefore, the central government is reportedly preparing to use the petrol-diesel card to its advantage. This could result in a possible reduction in fuel prices during this period.
