New Delhi: Petroleum Minister Dharmendra Pradhan has said that fuel prices in the country are likely to come down in the next two months. The minister said prices of cooking gas, petrol and diesel were likely to fall by March or April and he was in touch with oil-producing countries. Petroleum-producing countries cut production last April as demand plummeted following the outbreak of the corona virus.
These countries are producing less and making more profit. During this crisis, the demand for fuel rose sharply, as Kovid had before. With this, petrol and diesel prices have gone up in the country. Countries have been asked to increase fuel production in order to reduce oil prices in the country. As the largest buyer of oil, India is putting pressure on countries such as Russia, Qatar and Kuwait to increase production. As production increases, the price of a barrel decreases. With this, retail fuel prices will also come down, he said.
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However, the minister had earlier said that fuel prices in the country would come down sharply before the end of winter. The rise in petroleum prices in the international market has also affected consumers. By the end of winter, fuel prices will be lower. Prices are rising due to increasing demand in the international market. Prices are mostly higher in winter. He added 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 currently at their highest level since October 2018. Petrol was Rs 85.99 paise then. Petrol prices are approaching Rs 100, breaking this all-time record. Fuel prices hit record highs in Kerala, Delhi and Mumbai.