Oil companies are expected to reduce diesel, and petrol prices soon. But, the big question is when?
Before the Lok Sabha elections, state-owned IOC, BPCL, and HPCL may decrease petrol and diesel prices in February.
These fuel prices have been frozen daily since last year. Later this month, its Q3 FY24 performance will determine a choice, according to media.
Despite falling crude oil prices, the three state-run oil corporations made Rs 75,000 crore. The government and RBI are concerned about inflation, thus the action may assist.
After examining their financial performance and international oil price increases, companies may cut petrol and diesel rates by Rs 5 to Rs 10 per litre. Decisions include stakeholders.
As the world’s third-largest oil importer and consumer, India imports about 80%. Nirmala Sitharaman cut petrol excise duty by Rs 8 and diesel by Rs 6 on May 21, 2022, the latest nationwide fuel price change.
Fuel in Delhi has cost Rs 96.72 a liter for almost a year, while diesel costs Rs 89.62. In Mumbai, petrol costs Rs 106.31 and diesel Rs 94.27 per liter. Diesel costs Rs 92.76 per litre in Kolkata, while petrol costs Rs 106.31. In Chennai, petrol costs Rs 102.63 and diesel Rs 94.24 a litre.
Conclusion
IOC, BPCL, and HPCL may decrease fuel and diesel prices in February before Lok Sabha elections. The decision depends on Q3 FY24 results later this month. Global crude oil prices plummeted, yet the three state-run oil companies made Rs 75,000 crore. Decisions include stakeholders. Over 80% of India’s oil is imported.
