New Delhi: The government is considering a significant reduction in petrol and diesel prices by Rs 6-10 per litre. This decision comes as a response to the recent decline in global crude oil prices. Reports indicate that Brent crude oil was priced at $77.53 per barrel, a slight increase of 0.49% on Friday.

The government had earlier halted revisions in petrol and diesel prices when crude oil rates soared above $100 per barrel due to the Russia-Ukraine conflict in May 2022. Since then, fuel prices in Delhi have remained steady at Rs 96.72 per litre for petrol and Rs 89.62 per litre for diesel.

Officials mentioned last month that they anticipated no changes in petrol and diesel rates until the average crude oil price dropped below $80 per barrel.

Oil marketing companies in India faced significant profit losses when crude prices surged. However, they have now regained their profits and are prepared to reduce prices under government guidance.

India heavily relies on importing more than 85% of its fuel, making the country's petrol and diesel prices sensitive to global market trends.

Stay tuned for further updates on this potential reduction in petrol and diesel prices, which could bring some relief to consumers as we step into the New Year.

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