Petrol, Diesel Prices to be Dropped Soon? Here's What Reports Claim

New Delhi: Though an official confirmation is awaited, several media reports have claimed that the Narendra Modi -led central government is mulling to slash fuel prices as crude oil prices fall to a nine-month low. Crude oil prices have fallen to their lowest level since January 2024, increasing the profits of oil marketing companies (OMCs) and potentially allowing them to pass on some benefits to consumers.

On the Multi Commodity Exchange, crude oil futures for October delivery dropped by Rs 76, or 1.29%, to Rs 5,811 per barrel, with a trading volume of 5,210 lots. Internationally, West Texas Intermediate crude rose by 1.34%, trading at USD 69.40 per barrel, while Brent crude increased by 1.14% to USD 72.91 per barrel in New York.

Earlier this year in March, before the Lok Sabha Elections 2024 , the government reduced petrol and diesel prices by Rs 2 per litre. A further reduction in fuel prices now would provide much-needed relief to the Aam Aadmi, who continue to face high fuel costs. 

Currently, petrol prices in Delhi stand at Rs 94.72 per litre, with diesel priced at Rs 87.62 per litre. In Mumbai, petrol is being sold at Rs 103.44 per litre, while diesel costs Rs 89.97 per litre.