Petrol Price Expectations in February: When will Diwali come for the common people, will the government fill their empty pockets by making petrol and EMI cheaper? - Newztezz Online

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Wednesday, January 24, 2024

Petrol Price Expectations in February: When will Diwali come for the common people, will the government fill their empty pockets by making petrol and EMI cheaper?


The country is now waiting for loan EMIs to reduce and petrol and diesel to become cheaper. The middle class of the country has been waiting for interest rates to be reduced for a year. Whereas the wait for petrol and diesel to become cheaper has been waiting for almost two years.

Ramlala got established in the Ram temple of Ayodhya. The people of the country also celebrated Diwali for the second time in four months. Now the middle class of the country is waiting for the real Diwali. Common people are waiting for expensive EMIs and petrol to become cheaper before the elections. The month of February is going to be very important. There will be an interim budget on one date. RBI's MPC will be held after about a week. Which is going to be very important. Will RBI be able to reduce interest rates in this MPC?

On the other hand, there is a lot of discussion going on for some days that the profit of petroleum companies can be Rs 75 thousand crore in the December quarter. OMC is making a profit of Rs 10 per litre. Because of which companies can give relief of Rs 5 to 10 per liter on petrol and diesel to the common man. Let us also tell you whether the government will provide relief to the common people in the coming days or not.

Will EMI be reduced?

On February 7, RBI's monetary policy meeting will be the first of the current calendar year and the last of the current financial year. Apart from that, on January 31, the US Fed will also announce its policy. It is expected that the Fed may cut the policy by 0.25 percent. If Fed does this, will RBI cut the policy rate? This question is also very important because after the February meeting the Election Commission will issue a notification. After that, hardly any such announcement can be made in the April meeting. In such a situation, the government will expect from RBI that there should be a reduction in interest rates by 0.25 percent. So that the common people can be given some relief in loan EMI before the elections.

Policy rate is frozen for one year

By the way, RBI has kept the policy rate frozen for the last one year. In the February meeting we are talking about cutting interest rates. Last year, in the same February meeting, interest rates were increased by 0.25 percent. Since then 5 meetings have taken place and no change has been made in the interest rates. At present the repo rate is 6.50 percent. Between May 2022 and February 2023, interest rates have been increased by 2.50 percent. Common people are hopeful that there will be a cut in the policy rate before the elections so that they can get relief in loan EMI.

Will petrol and diesel become cheaper?

On the other hand, the price of petrol and diesel has also troubled the common people a lot. The special thing is that there has been no change in the prices of petrol and diesel since May 2022. At the same time, no changes have been made by the petroleum companies from April 2022. Whereas the prices of crude oil in the international market have decreased by more than 40 percent. Even petroleum companies have become profitable on petrol and diesel. According to the report, OMCs are making a profit of Rs 11 per liter on petrol. Whereas the profit on diesel is Rs 6 per litre.

How cheap can petrol and diesel become?

The report even says that the total profit of oil marketing companies may come to Rs 75 thousand crore in the December quarter. In such a situation, speculations are being made that petroleum companies can provide relief to the common people from the month of February. It is estimated that in the month of February, we may see a reduction of 5 to 10 rupees per liter in the prices of petrol and diesel. So that common people can get some relief from inflation. If experts are to be believed, the government will definitely try to provide relief to the common people by reducing the prices of petrol and diesel before the elections. At present the price of crude oil is very low. Also, the reduction in crude oil prices will continue in the years 2024 and 2025. In the next two years, we may see a reduction of Rs 25 per liter in the price of petrol and diesel.

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