Petrol Price: Petrol and diesel prices in India may experience a decline in the near future. Union Petroleum and Natural Gas Minister Hardeep Singh Puri has recently provided encouraging signals regarding this matter.
This can result in lower fuel prices
He indicated that an increase in the global supply of crude oil, particularly from the United States, could result in lower fuel prices, thereby aiding in the management of inflation. Minister Puri also emphasized that India’s goal is not to eliminate the use of the dollar for oil transactions, stating, “Most of the transactions are conducted in dollars, and this has always been the case.”
Rise in global oil production
The rise in global oil production is anticipated to contribute to a decrease in prices. Furthermore, India has initiated communication with the new administration under Donald Trump in the United States, which may enhance energy relations between the two nations. India sources oil from various countries, which can assist in stabilizing prices.
Trump administration has prioritised its crude oil production policy
The Trump administration has prioritised its crude oil production policy, focusing on increased drilling and output, which could lead to a reduction in international oil prices. The Petroleum Minister remarked, “India’s primary objective is to procure a sufficient quantity of oil at lower prices to manage inflation.” Additionally, improvements in the global energy landscape are expected to provide relief for fuel prices in India.