dates for state assembly elections nearing, Petroleum Minister Dharmendra
Pradesh has come out with an announcemet that prices of petrol diesel and
cooking gas will be brought down further.
oil marketing companies have recently cut petrol, diesel and cooking gas rates,
and fuel prices may fall further in the near future, Union petroleum minister
Dharmendra Pradhan on said in Kolkata
ahead of the third-phase polling for the assembly elections in West Bengal.
Fuel prices were frozen since February 27
immediately after assembly elections announced
were frozen since February 27 immediately after the Election Commission (EC)
announced assembly elections in five states. But public sector retailers have
reduced petrol and diesel rates in three small doses . Petrol and diesel prices
have been brought down by leas than One rupee per litre while gas prices were
brought down rs 10 per cylinder.
few days, petrol and diesel rates have started falling. We had said earlier
that when crude oil prices will fall in the international market, we will pass
on the benefit to the consumer... Price of LPG (liquefied petroleum gas or
cooking gas) has also started falling. It will fall further in coming days,” Pradhan
said it is an irony that prices of petroleum products went up sharply when the
prices of crude of the international market nosedived last year. The oil
marketing companies are currently being asked to reduce prices when crude
prices have started moving up just because there are elections in some states,
all in the name of market driven prices.
crude, which was below 60 US dollars a barrel until the first week of February
saw a strong rally for over a month to peak at around 70 US dollars per barrel
by second week of March due to supply squeeze by the oil producers’ cartel, the
Organisation of the Petroleum Exporting Countries and its allies, including
Russia. Saudi Arabia leading oil producer rejected India's plea against cut in
production and asked India to use the crude which was supplied when the prices
touched rock bottom last year.