Central Government plans to lower the price of gas and diesel to help consumers

The central government intends to reduce petrol and diesel costs ahead of the 2024 Lok Sabha elections, which are slated for next year. This will give significant relief to fuel customers across the country.

Currently, the international market has seen a drop in crude oil prices, which would result in lower fuel prices in India. According to News18, the Union Finance Ministry will likely reduce gas and diesel costs by 10% soon.

This comes nearly two years after the Indian government resolved to reduce petrol and diesel prices by 8% and 6%, respectively. Currently, the rates of petrol and diesel in Delhi are 96.71 and 89.62, respectively, while gasoline is sold in more than 100 other places, such as Bengaluru and Mumbai.

Crude oil prices are currently trading in international markets between $70 and $80 per barrel. According to the report, a proposal to lower fuel costs across the country has been sent to the Prime Minister's Office.

Oil prices fell more than 1% on Thursday as concerns about shipping interruptions along the Red Sea route subsided, even though tensions in the Middle East remain high.

Crude has gained roughly 8% since its low in December, as Houthi attacks on boats in the Red Sea prompted tankers and other ships to detour on longer routes, increasing prices.

Also read: Government’s fiscal deficit at the end of November reported 9.06 lakh crore or 50.7% of the full-year budget target

According to Reuters, US WTI crude futures were trading 82 cents, or around 1.1 percent, lower at $73.29 per barrel. Oil prices fell nearly 2% on Wednesday as big shipping companies began to return to the Red Sea.

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