Relief in fuel prices; Petrol and diesel prices likely to drop, final decision before 20th

NEW DELHI: Petrol and diesel rates may see a dip in the coming days. It is reported that the oil companies will decide on this before the 20th of this month. There is a possibility that the prices will be reduced before the start of the parliamentary session. The government is taking into account the low oil prices in the international market and the low price of crude oil in Saudi Arabia.

Crude oil in the international market had risen to $ 120 per barrel. Later, it fell to $ 110. Currently, the price is around $ 70. The two countries had signed an agreement to provide India with a lower price. Saudi Arabia had earlier announced that it would reduce the price of crude oil for the Asian market by $ 11.

The combined loss of $750 billion for all oil companies came down to $50,000. It is believed that if this situation continues, the oil companies will be able to cover their losses. If so, there will be an announcement on fuel prices after that. The opposition has also raised strong protests against the lack of reduction in oil prices despite the war in the Middle East scaling down. The fuel prices will likely come down before the Parliament session scheduled for the 20th.