Petrol and diesel prices in the country have been stable for a long time. But now people troubled by the inflation of petrol and diesel can get a big relief soon. In fact, before the upcoming elections in many states, there has been a possibility of reduction in the prices of petrol and diesel. The reason for this is that the prices of crude oil have remained soft in the international market for a long time.
At present, companies are getting a surplus of about Rs 6 per liter on petrol. In such a situation, it is possible for companies to reduce the price. Now to compensate for the previous loss, the oil marketing companies kept from passing the full benefit to the customers, but they can definitely reduce some part of it to give relief to the common man. After the announcement of election dates in Himachal and Gujarat, speculations of price cut have increased. It is estimated that oil marketing companies can give relief of up to Rs 2.5 per liter on the prices of petrol and diesel.
India has significantly increased its import of crude oil from Russia this year. Before the Russo-Ukraine war, where Russia's share in India's total crude imports was not even 2 percent. At the same time, it has now reached close to 20 percent. Last month, for the first time, Russia came first in the list of countries supplying crude oil to India, leaving behind traditional suppliers like Iraq and Saudi Arabia. The reason for this is that India is getting crude oil from Russia at a very low price as compared to international prices.