Petrol, Diesel Prices May be Slashed by Around Rs 10, Say Reports

New Delhi: Reports have emerged that ahead of the 2024 Lok Sabha polls, the prices of petrol and diesel could be brought down to provide some relief to the commoners.

Reports are suggesting that the fuel price reduction is likely to be in the range of Rs 8-10 per litre.

Initially ET NOW reported that the government can soon ask oil marketing companies (OMCs) to cut fuel prices. Later on several similar news reports followed stating that the year 2024 could bring big relief to Indians as OMCs can finally reduce petrol, and diesel rates. The last time fuel prices were reduced was on May 21, 2022, when Finance Minister Nirmala Sitharaman reduced excise duty on petrol by Rs 8 and Rs 6 on diesel.

It is worth mentioning here that OMCs are now making a profit of Rs 8-10 per litre on petrol and Rs 3-4 per litre on diesel as against peak losses of Rs 17 per litre on petrol in 2022 and Rs 35/litre on diesel.

Because of his news stocks of oil marketing companies tanked on the last trading day of 2023. Indian Oil fell over 2 per cent and was trading at Rs 130.45 at 10:08 am, HPCL tanked around 4 per cent and was at Rs 401.60 while BPCL was down around 3 per cent at Rs 453.05.