New Delhi: Petroleum Minister Dharmendra Pradhan has announced that fuel prices in the country are expected to decrease in the next two months. The minister stated that the prices of cooking gas, petrol, and diesel were likely to fall by March or April after his discussion with oil-producing countries. Petroleum-producing countries curtailed production last April as demand fell after the outbreak of the coronavirus.
These countries are producing less and making more profit. During this crisis, the need for fuel increased sharply. With this, petrol and diesel prices have moved up in the country. Countries have been asked to increase fuel production to decrease oil prices in the country. As the largest purchaser of oil, India is setting pressure on countries such as Russia, Qatar, and Kuwait to increase production. As production rises, the price of a barrel decreases. With this, retail fuel prices will also get down, he said.
However, the minister had earlier said that fuel prices in the country would come down distinctly before the end of winter. The increase in petroleum prices in the international market has also affected consumers. By the conclusion of winter, fuel prices will be lower. Prices are escalating due to growing demand in the international market. Prices are frequently higher in winter. He continued that this trend will end with the end of the season. Oil companies have raised petrol and diesel prices 16 times so far. Retail fuel prices in the country are presently at their highest level since October 2018. Petrol was Rs 85.99 paise then, breaking this record.