Likelihood of fuel prices to come down further in the offing
It is reported that a barrel of crude oil in the world market has come down to US dollars 39
and hence there is a likelihood of reducing the prices of types of oils. This is very reliable information revealed by the ministry of power and renewable energy. The prices are to be reduced owing to this reason very soon.It is reported by the ministry of power and renewable energy that during the month of January this year when the price of a barrel of crude oil was US dollars 54 bearing no loss the price of petrol was reduced by an alarmingly lesser amount of rupees thirty while the prices of diesel ,kerosene oils were also reduced drastically.
However the officials of the Ministry of power and energy had not increased the prices of all types of fuel when the barrel of crude oil in the world market suddenly jacked up to US dollars 70 .The ministry officials had said that the ministry had to bear loss of rupees four billion.
However in this contest the cabinet has decided to formulate a price formula in order to increase and decrease the prices of the fuel in the market in view of the fluctuation of the US dollar value for crude oil barrels in the world market. This is to be reviewed according the t price formula proposed and implemented to be made every three or six months, the ministry sources have revealed.
A senior official of the ministry had disclosed that in the event the prices of crude oil in the world market has a downward trend definitely the prices of all types of oil would be reduced with the consent and approval of the treasury and the higher officials of the Petroleum corporation.
After the decrease of a petrol litre by rupees in the month of January the consumption of the number of litres had been increased more than two fold. It had increased from litre 1,25,000 to 2,86,000. In the context of this increase in the consumption of higher amount of fuel a further reduction of the prices of fuel is to be greatly considered.
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