Fuel Price Cut: The government has refused to cut the prices of petrol and diesel. Petroleum Minister Hardeep Singh Puri has termed the news of reduction in prices of petrol and diesel as a rumour. The Petroleum Minister said that the government has not yet held any talks with the government oil companies regarding reduction in fuel prices.
Huge decline in crude oil prices
A big decline is being seen in the prices of crude oil in the international market. Brent crude oil is trading at around $75 per barrel at $75.65 per barrel. So WTI crude is trading at $70 per barrel. Due to reduction in crude oil prices, all three government oil companies are making profits from selling petrol and diesel. After which the news came last week that the retail prices of petrol can be reduced by up to Rs 10 per liter and the prices of diesel can be reduced by up to Rs 6 per liter. And Modi government can give this gift in the new year. But the Petroleum Minister is now completely denying this news.
