Petrol-Diesel Price / First the cylinder became cheaper, now the prices of petrol and diesel will decrease, the government has made big preparations?

Petrol-Diesel Price: To reduce inflation, an attempt was made to reduce the prices of tomatoes by importing them from Nepal, the results are in front of everyone. As soon as the news of increase in onion prices came to light, tax was imposed on exports. Prices seem to be stable. Similarly, steps have been taken by the government to keep the prices of wheat, rice and other goods stable. Recently, to provide relief to the common people, the prices of gas cylinders were reduced by flat Rs 200.

The new prices also came into effect from 30 August. After that, there are chances of further reduction in inflation and reduction in the prices of petrol and diesel. Its indications have been found from two places. The first indication has been given by an interview by Union Minister Hardeep Singh Puri. The second indication has been seen matching the Bloomberg report.

The inflation figures that came out for July were scary for the government and the common people. Retail inflation had reached a 15-month high in this month. On the other hand, despite the fall in crude oil prices, no relief was given in the prices of petrol and diesel. There has been no change in fuel prices in the country since May 2022.

In such a situation, there is a lot of pressure on the government as well. This pressure has also increased because the losses of the oil marketing companies that the government was talking about have been compensated and they have become profitable. Let us also take you on the journey of those two reports, from which there are indications of reduction in the prices of petrol and diesel.

Hardeep Singh Puri gave hints

Recently, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has given an interview. In which he advocated reduction in the prices of petrol and diesel across the country and indicated that the prices could be reduced in the coming days. Puri acknowledged in the interview that the central government is encouraging state governments to join the effort to reduce fuel prices and has started preparations to reduce the prices. He said that in 2021 and 2022, an attempt was made to provide relief to consumers by reducing taxes on oil prices. On November 4, 2021, the Central Government had given relief of Rs 5 per liter on petrol and Rs 5 per liter on diesel by reducing the tax. After that, on May 22, 2022, the government again reduced the tax and gave relief of Rs 8 per liter on petrol and Rs 6 per liter on diesel.

Fuel prices may come down

A report has said that after the cut in the prices of LPG, the inflation rate in India may come down and before some major festivals and elections, a reduction in the prices of gasoline and diesel may be seen. Economists Samiran Chakraborty and Bakar M. Zaidi said in a note on Wednesday that the government's decision to reduce LPG prices could reduce inflation by about 0.30 percent. He said that the fall in tomato prices along with reduction in gas prices has increased the possibility of inflation coming down to 6 percent in September.

Have taken several steps

Authorities are taking active steps to reduce retail prices, which reached a 15-month high in July mainly due to rising food prices. India on Tuesday reduced LPG cylinder prices by Rs 200, providing some relief to about 300 million consumers. To reduce food prices and keep the domestic budget under control, India has already imposed restrictions on exports of staple food items like rice, wheat and onion.

He said that in the backdrop of stress and normal K-shaped recovery of the rural economy, the reduction in LPG prices can be very positive for consumer sentiment. The special thing is that onion prices will increase due to possible demand-supply shortage in the month of September? This question is going to be very important.

It is possible that there will be a tax cut

At least five states, including Rajasthan, Madhya Pradesh and Chhattisgarh, will go to polls in the last quarter of this year, followed by general elections in early 2024. Where Prime Minister Narendra Modi will try for his third term. Economists said that more fiscal measures may be discussed to control inflation and support rural income.

Despite volatility in global crude oil prices, there has been no change in the prices of gasoline and diesel for more than a year. He said any reduction in fuel cost should be done through reduction in excise duty, which cannot be ruled out before the elections.