Petrol Prices To Witness A Drop Soon

By Ajinkya

We have been hearing that prices of commodities and essential goods are only increasing. Now the government claims they could reduce the prices of petrol, owing to the international rate of oil. However, there is still uncertainty of whether to reduce prices or not.

It is being expected that the government could reduce prices of petrol by almost a rupee. This will be the first reduction by the new Modi led government. It will also be the drop in price first since April, 2014. A decision will be soon taken after consulting oil companies and oil minister.

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The reason for the dip in petrol prices are due to the oil rate dropping over the few days. The Indian government is waiting to see what happens in the next few days before August, 2014. If the price trend continues the government is expected to decrease petrol prices by almost a rupee.

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Oil companies wanted to increase the prices, however, the newly elected government did not allow it. It is being expected that the Indian oil companies do not want to decrease prices and would like to continue with the current prices. They explain they will not benefit if petrol prices are decreased and need to maintain current prices.

There is no information as yet if diesel prices could also take a dip. Currently the government has permitted oil companies to take a decision on petrol prices, since June of 2010. The oil companies, however, claim there is still a partial control by the oil ministry of India. We expect that a decision will not be taken before August, 2014.

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Article Published On: Monday, July 28, 2014, 12:14 [IST]
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