Good News! Petrol and Diesel prices decrease further as government takes this BIG decision – Details Here

By WEB DESK Last updated Nov 24, 2021

Modi government has announced some relief to consumers, that the price of petrol and diesel could further be decreased as planning to release five million or 50 lakh barrels of crude oil from its Strategic Petroleum Reserves. This comes after a high-level meeting of Minister of Petroleum and Natural Gas Hardeep Singh Puri with officials of oil marketing companies on Tuesday.

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The Petroleum Ministry said that India strongly believes that the pricing of liquid hydrocarbons should be “reasonable, responsible and be determined by market forces”.

Top sources said that India’s positive response to the strategic multinational move could bring positive dividends in the form of further reduction in fuel prices. The Centre had already slashed petrol and diesel rates by Rs 5 and Rs 10, respectively, on November 3.

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However, sources said the reduction may not be long term if the major oil producing nations do not rethink on the rising prices of their crude oil Strategic Petroleum Reserves are built by the government for tackling emergency situations.

Last week, Hardeep Singh Puri had said, “Strategic oil reserves were not intended for a situation like that prevails today. It’s for force majeure situations like natural calamities and outbreak of hostilities or events that lead to shut down of oil facilities.”

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The Centre’s decision comes ahead of the Assembly elections in multiple states slated for next year.