Fuel prices likely to drop further as Centre decides to release crude oil from its reserves
3 years, 1 month ago

Fuel prices likely to drop further as Centre decides to release crude oil from its reserves

India Today  

The prices of petrol and diesel could see a further drop in the coming days as the Centre has decided to release five million barrels of crude oil from its Strategic Petroleum Reserves. The release of five million barrels of crude oil will happen in parallel and in consultation with other major global energy consumers, including the US, China, Japan and South Korea. The decision was taken likely after the US reached out to India and other major oil consumers to release their strategic petroleum reserves to temper rallying crude oil prices, two people aware of the development told India Today. However, sources said the reduction may not be long term if the major oil producing nations do not rethink on the rising prices of their crude oil Strategic Petroleum Reserves are built by the government for tackling emergency situations.

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