2024 can bring major relief for the oil consumers across the country as the Centre plans to slash down the prices of petrol and diesel. The move is expected to come ahead of the upcoming Lok Sabha elections, scheduled for April and May next year.India is reportedly considering a reduction of Rs 10 per litre in petrol and diesel prices in light of easing crude oil rates globally. This potential cut comes nearly two years after excise duties were lowered in November 2021 to provide relief from surging fuel prices. Amid this, the Union Finance Ministry will be making the price cut soon.Check petrol and diesel price here:As of Friday, petrol and diesel retail at Rs 96.71 and Rs 89.62 per litre respectively in Delhi. Rates continue to remain over Rs 100 per litre in major metro cities like Mumbai and Bengaluru.Earlier, prices had skyrocketed above Rs 110 per litre across India, primarily due to fluctuations triggered by Covid-19 and the Russia-Ukraine conflict. This led to elevated crude prices that inflated fuel rates.What Oil minister says about petrol-diesel rates droppingUnion Minister Hardeep Puri highlighted that while petrol prices rose 70-80% in some countries, India registered a 5% drop due to the governments efforts.With global crude oil prices presently around $70-80 per barrel, a proposal for cutting fuel rates has reportedly been sent to the PMO by the oil ministry.What are leading state-owned fuel retailersThe three leading state-owned fuel retailers - Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp - have also seen windfall profits due to the softening of crude rates.If implemented, the proposed Rs 10 per litre cut could provide significant relief to consumers from persistently high petrol and diesel rates. But it remains to be seen if the reduction will materialise amidst fluctuating global crude markets.
