In recent time, the country's citizen have been thankful and grateful for the recent reduction of petrol and diesel prices across India. Things also turned for better when the government lifted control on diesel. As per fresh updates, further reduction on petrol and diesel prices can be expected as Brent crude oil prices have fallen to its lowest in about four years at $82 per barrel post Saudi Arabia cutting sale price to the US.
Organisation of Petroleum Exporting Countries (OPEC), that includes Saudi Arabia in the basket of 12 crude oils, reportedly closed at about $80.64 a barrel as against $81.97 reported last Friday. United Arab Emirates oil minister has stated that the country is not not panicking for now and OPEC members namely – Ecuador and Venezuela have been working on a joint proposal that can defend the oil prices.
Speaking more on the last month's diesel price deregulation, Arun Jaitley, Finance Minister said, “Price of diesel will be linked to the market, and therefore, depending on whatever is the cost involved, is the element that consumers will have to pay.” Adding further Jaitley said, “Just like petrol prices, diesel cost will now be governed by market forces. The diesel prices were being increased by 50 paise or so over the last few months. The prices should come down as the global crude oil prices have dropped substantially in recent times.”
