Petrol, diesel prices likely to be reduced

NEW DELHI: Petrol and diesel prices in the country are likely to drop by up to Rs 2 per litre. The Petroleum Ministry has started discussions with public-sector oil companies regarding this. Currently, global crude oil prices have plummeted to their lowest level in 33 months.

Indian Oil, Bharat Petroleum, and Hindustan Petroleum Corporation have informed the government that they will review the market trends and consider reducing fuel prices. The drop in fuel prices will be helpful in controlling inflation.

Favourable situation
1. The price of 1 crude oil barrel has dropped from $90 to $69.
2. The slowdown in China and the US is reducing oil consumption.
3. The crude oil inventory in the US is improving.