Will petrol diesel be cheaper before the budget? Petroleum minister said this about reduction in oil prices.

The general budget of the country is going to be presented on 1 February. It is possible that before this the general public who is facing the brunt of inflation will get some relief on the front of petrol and diesel. Country’s Petroleum Minister Hardeep Singh Puri has pointed this out today. Puri has told petroleum companies that he is expected to reduce oil prices once crude oil prices soften.

Let us inform that the prices of petrol diesel in the country are stable since April last year. In the last one year, crude oil prices have come back to $75 from $80 per barrel to $140 per barrel. While the oil companies were facing huge losses when the prices reached $130 to $140, in the last 3 to 4 months, after the prices came down to $90, the companies have bridged their losses to a great extent.

what did puri say

Petroleum Minister Hardeep Singh Puri said that I request oil companies to reduce oil prices in India as well if international oil prices are under control and the under-recovery of their companies has stopped. The price of crude oil was $ 102.97 per barrel in April, which increased to $ 116.01 per barrel in June. The price fell to $78.09 this month.

Demand to reduce excise duty from states

Puri said that despite the increase in international oil prices, we did not allow the increase in oil prices. Not only this, the Center had reduced excise duty on November 2021 and May 2022. But in spite of this some state governments did not reduce VAT and even there the price of oil is still high.

Companies profit of Rs 10 per liter

According to the latest report, oil companies are making a profit of Rs 10 per liter on petrol, but retail prices have not been reduced to make up for the previous losses. Along with this, it was told in a report that the companies are incurring a loss of Rs 6.5 per liter on the sale of diesel. After a record loss of Rs 17.4 per liter on petrol and Rs 27.7 per liter on diesel in the week ending June 24, 2022, the third quarter (October-December 2022) saw a profit of Rs 10 per liter on petrol sales. On the other hand, the loss on diesel has come down to Rs 6.5 per litre. The three companies have not changed the prices of petrol and diesel since April 6, 2022.