NEW DELHI: With the Lok Sabha elections approaching, Prime Minister Narendra Modi is considering to reduce fuel prices. A reduction of Rs 4-Rs 10 is under consideration and the announcement is expected to be made soon.

There were reports earlier that the price of petrol and diesel in the domestic market may also drop due to the cut in crude oil prices in the global region. It was estimated that with the decrease in fuel prices, there will be an increase in vehicle sales in the next few days. The price of Brent crude is currently around $76 per barrel on the Nymex market.

In West Asia, it is trading at $78 per barrel. According to the public sector oil companies, there has been a significant reduction in the cost of production of petrol and diesel with the relief in crude oil prices. However, since the crude price has been above 80 dollars for the last one and a half years, the public sector oil companies are of the view that they cannot change the price until the additional liability faced is met.