Govt Says Petrol/Diesel Prices Will Come Down By April; Blames Low Production Of Global Oil As Reason For High Cost

The sky-high prices of fuel in the country is probably the most controversial topic today. But we have news that will give some relief to us – the Union Minister for petroleum, natural gas and steel Dharmendra Pradhan has said that the country’s counterparts have been asked to increase their oil production. This will help reduce the prices of fuels by March or April.

The reason behind this is that Indian consumers will get some relief from the rising prices of fuel.

Read on to find out all the details about this new development!

Union Minister To Ask Oil Countries To Increase Oil Production; Will This Reduce Fuel Prices?

As per Pradhan, some major oil producing countries have decided to reduce production in April last year. This was due to the Chinese virus spreading high and low in the world. He has said that countries are producing less fuel to make additional profit. 

He said that while less fuel is being produced but the demand for fuel is back at the point where it was before the COVID-19 situation. Therefore the prices of petrol and diesel have taken a hike in the country.

He has confirmed that he is in touch with the country’s counterparts. He said, “I am in touch with my counterparts of major oil-producing countries and have spoken to them. I have asked them to increase fuel production in order that prices of oil may come down in our country which buys fuel from these countries.”

Oil Prices To Reduce By March Or April

India is the largest oil buyer and is now creating pressure on multiple oil-producing countries like Russia, Qatar, and Kuwait to increase production. As per Pradhan, when the production increases, the cost of per barrel buying will be reduced, therefore reducing the retail fuel price as well.

About the timeline of the reduction of the prices of diesel, petrol, and gas, he has stated that there is no sure date fixed yet. However, he clarified that the prices of cooking gas, diesel, and petrol may come down by March or April.

Pradhan had recently stated that the prices of fuel are most likely to reduce at the end of the winter. 

The last hike in fuel prices was on Saturday.

This is still a developing story, and we’ll keep you updated as we get any more information!