Fuel Price | The central government has made a significant move to reduce fuel prices again

New Delhi: The Center has taken a major step to reduce fuel prices again. The move is to bring crude oil from the reserve to the public market. The Ministry of Petroleum has taken decisive action to curb the rise in fuel prices following the Prime Minister’s suggestion that more steps be taken to reduce fuel prices.

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The decision was made to bring the crude oil from the reserve to the public market. Initially, 50 lakh barrels of crude oil will reach the market. At present, the reserve holds 38 million barrels of crude oil. The crude oil will be marketed as petrol and diesel through Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corporation.

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The United States, Japan, Korea, and China have all taken similar steps to try to contain inflation by stockpiling reserves. The decision is aimed at forcing OPEC nations to reduce crude oil prices. The new decision will be implemented within 10 days, government sources said.

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Supplying more oil from the reserve is also being considered. The central government had reduced the excise duty on petrol by Rs 5 per liter and diesel by Rs 10 per liter on the back of rising fuel prices. The NDA-ruled states also slashed value-added tax soon after. It is hoped that such decisions will help in the forthcoming Assembly elections.

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