Tuesday, November 21, 2023
By Kamal Swami
Fuel Prices Might Come Down In Coming Days
Good news is coming for fuel-based vehicle owners in India! It's a well-known fact that the petrol and diesel prices have not changed since May 2022, making it the longest time without any changes for 18 months. People are now crossing their fingers for a possible drop in prices soon, especially with the government making a lot of money from taxes and the cost of oil staying pretty steady worldwide.
The big 2024 election is also giving hope that the government might decide to lower the prices of petrol and diesel. The honourable Prime Minister Narendra Modi also talked about checking fuel prices during a visit to Rajasthan on Monday, sparking more talk about prices going down. What's making people even more hopeful is that the cost of oil around the world has been going down too.
Over the last few weeks, the prices of oil have been going down, reaching the lowest point in four months on November 16. This means that the cost of oil used by India, like the US WTI benchmark, dropped to $72.90 a barrel, and the Brent, another benchmark, fell to $77.72 a barrel on the same day. People are now thinking that this might push Indian oil companies, like Indian Oil Corporation and others, to lower fuel prices.
Even India's Petroleum Minister, Hardeep Singh Puri, hinted some months ago that the government might decide to make petrol and diesel cheaper. He said he's going to try and make it happen. With all these things happening together, like the oil prices going down and the election coming up, there's a good chance that soon, everyone in India might pay a bit less for petrol and diesel. Right now, petrol prices in India are pretty high, going over ₹100 in many cities, and diesel prices are also up there. So, a price drop would be a welcome relief for people all over the country.