Oil companies may slash petrol, diesel prices by Rs 5-10 next month
India TV NewsState-owned Indian Oil Corporation, Bharat Petroleum Corporation Ltd, and Hindustan Petroleum Corporation Ltd are considering a reduction in petrol and diesel prices in February, just ahead of the Lok Sabha elections. The companies are expected to make a decision on reducing petrol and diesel rates, possibly by Rs 5 to Rs 10 per litre, after assessing their financial results and considering the potential for future spikes in international oil prices. The last nationwide fuel price revision occurred on May 21, 2022, when Finance Minister Nirmala Sitharaman lowered the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre. For more than a year, the price of petrol in Delhi has remained at Rs 96.72 per litre, while diesel is being sold at Rs 89.62 per litre. In Kolkata, petrol costs Rs 106.31 per litre, with diesel priced at Rs 92.76 per litre.