Fuel prices in India to fall, decision soon
Kochi: After the easing of the Russia-Ukraine war, with the decline in crude oil prices in the international market, there are indications that petrol and diesel prices in India will be reduced by up to five rupees. It is indicated that a decision on this matter will be taken soon.
The price of crude oil fell from $120 to $90 a barrel. There are indications that the price of crude oil, which has remained unchanged for the past month, will decline further.
As the price of petrol and diesel rose above 100 rupees and there were protests across the country, the excise duty was cut by 8 rupees on petrol and 6 rupees on diesel last May. 85% of India’s required oil is imported from abroad. Therefore, the price change in the global market will quickly reflect in India.
India buys large quantities of oil from Iraq, Saudi Arabia and Russia. Russia is buying more oil as it pays less to circumvent US sanctions following its invasion of Ukraine. It is indicated that fuel prices will be reduced in the country taking into account all these circumstances.
