Fuel prices in India will come down, decision soon
Kochi: After the easing of the Russia-Ukraine war, with crude oil prices falling 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 regarding this will be taken soon.
Crude oil prices fell from $120 to $90 per barrel. There are indications that the price of crude oil, which has remained the same for the past month, will further decrease.
As the price of petrol and diesel soared past Rs 100 and there were protests across the country, last May the excise duty was reduced by Rs 8 on petrol and Rs 6 on diesel. 85% of the oil required by India is imported from abroad. Therefore, the price change in the global market will be reflected quickly 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.