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Petrol-Diesel Prices: Modi Government Prepares To Provide Significant Relief, Prices May Drop By Up To 10 Rupees

According to sources, there could be a substantial reduction in the prices of petrol and diesel soon.

Edited By : Aniket Raj | Updated: Dec 28, 2023 21:40 IST
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The Modi government is set to provide significant relief to the public on the issue of inflation. According to sources, there could be a substantial reduction in the prices of petrol and diesel soon. Prices of oil may be reduced by six to ten rupees. It is noteworthy that there has been no increase in the prices of petrol and diesel nationwide for a long time. There has also been a decrease in the cost of crude oil, and the government is now preparing to pass on the benefits to the public.

The central government is in discussions with oil companies to reduce the rates of petrol and diesel, aiming to provide relief to the public in the coming days. Although there is no specified date for when the government will implement this relief, there are indications that either in the remaining days of this year or at the beginning of the new year, the public may receive a gift of reduced petrol and diesel rates.

Oil prices in the country are determined daily. Oil companies conduct regular reviews, adjusting the prices of petrol and diesel based on the cost of crude oil in the international market. Currently, the price of Brent Crude Oil in the international market has reached $78.71, according to sources. The Ministry of Finance and the Ministry of Petroleum are reportedly prepared to reduce oil prices, awaiting approval from the Prime Minister’s Office.

First published on: Dec 28, 2023 09:05 PM IST

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