Will Petrol, Diesel Prices Be Slashed Next Month? Know Detailed Report

New Delhi: Petrol and diesel prices could be slashed by up to Rs 10 per litre next month amid the profit of state-run oil companies expected to hit a record Rs 75,000 crore in the third quarter, according to a report in Hindustan Times.

Notably, the oil companies have held prices of petrol and diesel since April, 2022, and officials told HT that a thorough pricing review is needed as the companies possibly sitting on margins of Rs 10 per litre that can be slashed for consumers. The move from the oil companies is likely to help manage inflation and become significant ahead of the 2024 General Elections.

Sources told HT that because of the higher marketing margin on the sale of fuels, the three OMCs (oil marketing companies) posted significant net profit in Q1 and Q2 [of FY2023-24] and the trend will continue in Q3.

They said that after results by the end of this month, they may consider reducing petrol and diesel rates between Rs 5 and Rs 10 a litre, keeping some cushion for future spike in international oil prices.

However, companies will take a decision in this regard in consultation with their stakeholders.

As of today, the price of petrol in Chhattisgarh was slashed by 60 paise and that of diesel by 59 paise. Petrol became cheaper by 39 paise and diesel by 38 paise in Maharashtra. Moreover, petrol price came down in Himachal Pradesh, Telangana, Kerala, Odisha and Goa also.

On the other hand, the petrol and diesel prices were hiked by 20 paise in Uttar Pradeshfuel became costlier by 44 paise and diesel by 41 paise in West Bengal. Additionally, the prices of petrol and diesel are also increasing in Tamil Nadu, Punjab, Haryana and Gujarat.

Currently, petrol in Delhi is being sold at Rs 96.72 per litre while diesel is being sold at Rs 89.62 a litre. In Mumbai, petrol is being sold at Rs 106.31 and diesel at Rs 94.27 per litre. In Kolkata, petrol is being sold at Rs 106.03 and diesel is Rs 92.76 per litre. Petrol is available at Rs 102.63 and diesel at Rs 94.24 per litre in Chennai.