Fuel Prices Likely to Drop as Crude Oil Rates Dip Below $80 Per Barrel

The public will be able to receive a new present following the elections for the Lok Sabha. As a consequence of this gift, the price of gasoline and diesel will decrease. A decrease in the price of crude oil, which had previously surpassed $90 per barrel, is currently taking place. The price of a barrel of crude oil is currently $77 dollars as of today, June 5th. As a result of this circumstance, it is anticipated that the cost of gasoline and diesel would decrease inside the nation.

The cost of a liter of gasoline or diesel fuel can range anywhere from 92 to 105 rupees in the majority of the country's states respectively. Assuming we are discussing the month of May, we can see that the price of crude oil dropped by eight percent in a single month. In point of fact, the firms deciding the pricing of gasoline and diesel fuel do so every single day at six in the morning. The price of gasoline and diesel fuel goes up when other factors such as excise duty, dealer commission, and value-added tax are taken into account. As of right now, it is still unknown whether or not the prices of gasoline and diesel will fall in the days ahead if the prices of crude oil continue to fall.