Petrol and diesel will become cheaper, Oil Minister gave a big statement - Newztezz Online

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Saturday, March 16, 2024

Petrol and diesel will become cheaper, Oil Minister gave a big statement

This comes after OMC cut the prices of petrol and diesel by Rs 2. The new rates have come into effect from March 15. The price cut in petrol and diesel has been seen after May 2022. At that time the Finance Minister of the country had reduced the tax on petrol and diesel.

Petroleum Minister Hardeep Singh Puri has once again given a big statement on Friday. He said that the decision on further reduction in prices of petrol and diesel will be taken by the government oil companies after looking at the market conditions and profitability. This statement of the minister has come after OMC reduced the prices of petrol and diesel by Rs 2.

The new rates have come into effect from March 15. Puri described the decision of the oil companies as very courageous. He said that currently the prices of crude oil are quite unstable in the international market. The price cut has been seen after May 2022. In May 2022, the government had reduced the excise duty to provide relief to the consumers.

Companies have made huge profits

Speaking at the launch of 'Ethanol 100' from Indian Oil Outlet here, Puri said, OMC has performed strongly in the last three quarters and we are optimistic about better financial results in the fourth quarter. In the last three quarters, three government oil companies of the country have made a profit of Rs 69 thousand crores. It is expected that the total profit of the companies in the entire financial year may be between Rs 85 thousand to Rs 90 thousand crore. However, the profit of companies in the fourth quarter can be seen to be Rs 15 to 20 thousand crores, which will be less than the profit made in the three quarters.

What are the prices in Delhi?

Oil marketing companies have reduced the price of petrol and diesel by Rs 2 in all four metros of the country. The new rates have come into effect from March 15. After which the price of petrol in the country's capital Delhi has decreased to Rs 94.72 per liter and diesel to Rs 87.62 per liter. Whose consumers have definitely got some relief. On the other hand, Rajasthan government has also reduced the VAT on petrol and diesel. Due to which the prices of petrol and diesel there have reduced by Rs 5 per liter. By the way, the most expensive prices of petrol and diesel were in Rajasthan only. If experts are to be believed, oil companies may further reduce the prices of petrol and diesel in the coming days.


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