look news india
The fall in crude oil prices has benefited the government oil companies a lot. These companies dominate more than 90 percent of the market. The three major government companies of the government, Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited, had instructed to reduce the price of petrol and diesel by Rs 2 per liter on March 14 before the elections. Now it is being said that prices may come down once again before the assembly elections. So let's know how this can be possible.
This rule was issued in 2010 is applicable from
Petrol prices were deregulated in 2010 to link them to global market prices and diesel prices were deregulated in 2014. Indians are still paying more than Rs 100 a litre for petrol in many states, while diesel prices are above Rs 90 a litre. The fuel’s widespread use from transport to cooking has a big impact on inflationary pressures, while many industries from tyres to aviation also depend on it.
What is India's plan?
According to information received from government sources, the secretary says that India also wants OPEC to increase oil production. Because there is a country like India where the demand for fuel is increasing. Last week OPEC+, which is made up of the Organization of Petroleum Exporting Countries and allies led by Russia. It has agreed to suspend the planned oil production hike for October and November after the fall in crude oil prices. India is the third largest importer and consumer of oil globally. More than 87 percent of our oil needs depend on foreign sources. The secretary said, Indian companies are ready to buy maximum crude oil from the most cost-effective suppliers, including Russia.