Govt prone to reduce petrol, diesel costs forward of LS polls

Govt prone to reduce petrol, diesel costs forward of LS polls

New Delhi, Dec 29: The federal government is probably going cut back the petrol and diesel costs forward of the Lok Sabha polls as crude oil costs have additionally come down within the worldwide market which can allow the oil advertising firms to bear the burden.

As per sources, the Ministry for Petroleum and Pure Fuel has labored out numerous combos and permutations on the value cuts starting from Rs 4 to Rs 10 per litre within the two fuels and the influence it is going to have on the oil firms.

The federal government can be taking a look at discount within the excise responsibility on petrol and diesel in order that the whole burden of the value reduce will not be borne by the oil PSUs –Indian Oil, Bharat Petroleum and Hindustan Petroleum.

The ultimate determination on the value reduce will likely be taken on the degree of the Prime Minister, sources stated.

The final time the value of petrol and diesel have been diminished was in Could final 12 months when the Finance Ministry had reduce the excise responsibility on petrol by Rs 8 per litre and that on diesel by Rs 6 a litre.

Crude oil costs have additionally been falling within the international market. The worth of benchmark Brent crude was hovering at round $77 a barrel within the worldwide market on Friday. That is down from the $85 to 90 vary in earlier months which makes it simpler to go for a worth reduce in gas costs.

In the meantime, the shares of Indian Oil, Bharat Petroleum and Hindustan Petroleum crashed by 4 per cent in Friday’s commerce amid stories of a possible reduce in petrol and diesel costs.

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