Modi Considers New Year Gift: Rs 4-Rs 10 Reduction in Fuel Prices Ahead of Lok Sabha Elections
As the Lok Sabha elections draw near, Prime Minister Narendra Modi is reportedly contemplating a reduction in fuel prices, considering a significant cut ranging from Rs 4 to Rs 10. Sources suggest that an official announcement regarding this fuel price reduction is expected to be made shortly.
Earlier reports hinted at the possibility of a decline in petrol and diesel prices in the domestic market, attributed to the decrease in global crude oil prices. The current price of Brent crude stands at approximately $76 per barrel on the Nymex market, while in West Asia, it is trading at $78 per barrel.
Public sector oil companies highlight a substantial reduction in the production cost of petrol and diesel due to the relief in crude oil prices. However, as crude prices have remained above $80 for the past one and a half years, these companies are cautious about implementing a price change until they address additional liabilities.
This potential reduction in fuel prices is anticipated to have a positive impact on vehicle sales in the coming days, providing a potential boost to the automotive sector. The official announcement is eagerly awaited as citizens look forward to a New Year gift in the form of reduced fuel costs.
