Petrol, diesel prices likely to be cut by Rs 5-10 by oil companies next month: report
As for the price reductions for petrol and diesel, the oil companies will make a decision in consultation with their stakeholders.
Gasoline, diesel Price Latest update: In a move that could bring much relief to consumers and drivers across the country, state-owned oil companies plan to cut petrol and diesel prices by up to Rs 10 per liter next month, according to a report by Hindustan Times. According to the report, this development comes as the profits of these oil companies are expected to touch a record Rs 75,000 crore in the third quarter.
Thorough price assessment needed
Notably, the oil companies have been holding the prices of petrol and diesel steady since April 2022, and officials told HT that a major price revision is needed as the companies may be sitting on margins of Rs 10 per liter that could be reduced for consumers. The move by oil companies is likely to help control inflation and become significant ahead of the 2024 general elections.
Sources told HT that the three OMCs (oil marketing companies) posted significant net profits in the first and second quarters due to higher marketing margin on fuel sales. [of FY2023-24] and the trend will continue in the third quarter.
They said that after the results at the end of this month, they may consider cutting petrol and diesel rates between Rs 5 and Rs 10 per liter to maintain some cushion against future spikes in international oil prices.
However, a decision on this will be taken by the companies in consultation with their stakeholders.
Petrol price has been reduced in these states
On January 17, 2024, the price of petrol in Chhattisgarh was reduced by 60 paise and that of diesel by 59 paise. Petrol became cheaper by 39 paise and diesel by 38 paise in Maharashtra. Moreover, petrol prices also fell in Himachal Pradesh, Telangana, Kerala, Odisha and Goa.
Fuel price has increased in these states today
On the other hand, petrol and diesel prices were hiked by 20 paise in Uttar Pradesh, making fuel more expensive by 44 paise and diesel by 41 paise in West Bengal. Moreover, petrol and diesel prices are also increasing in Tamil Nadu, Punjab, Haryana and Gujarat.
Check fuel price per city
Currently, petrol is sold at Rs 96.72 per liter in Delhi, while diesel is sold at Rs 89.62 per litre. In Mumbai, petrol is sold at Rs 106.31 and diesel at Rs 94.27 per litre. In Kolkata, petrol is sold at Rs 106.03 and diesel at Rs 92.76 per litre. Petrol is available at Rs 102.63 and diesel at Rs 94.24 per liter in Chennai.