Fuel economy rules the country’s economy. At present, the Petrol and Diesel prices are hovering around Rs 100 and Rs 90 respectively, across the country. With the considerable fall in the prices of crude oil in the international markets, which is now being traded around $70 to $80 per barrel, the expectations are high that the central government may venture to reduce its retail prices.
To recall, the central government has brought down the excise duty on the petrol and diesel by a total of Rs 13 per litre and Rs 16 per litre on petrol and diesel. Also the government was fully passed on the benefit to end user.
Some of the news reports suggest that the central government is seriously looking for reduction of the fuel prices considering the forthcoming general elections. One report went one-step further and said that the Prime Minister’s Office is making moves to cut the fuel prices across the country.
While these is so, the wholesale and retail dealer association and marketing companies are requesting the government not to reduce the prices in one-go. It may impact their economy heavily
Petrol price in India crosses Rs 100 mark in early 2021 as the prices of both crude and products saw a big spike in the global market.
Earlier the petrol and diesel prices were revised every fortnight, which means the petrol price and diesel price changed on the 1st and the 16th of every month. However, from June 2017, a new scheme was implemented under which petrol prices are being revised every morning at 6 am. The petrol price and diesel rate are being revised on a regular basis due to dynamic fuel pricing.
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