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Fuel price touches its lowest this financial year! Here’s how Modi Govt succeeded in reducing the fuel price

Few days ago, the Opposition left no stone unturned to target Prime Minister Modi & his Government on the rising prices of petrol and diesel. The media allies of Congress and other opposition parties continuously day and night floated the theory of rising prices of petrol & diesel and disgraced PM Modi Government

But now when prices of petrol & diesel are reducing and is at their all time low in the current fiscal then opposition and the paid media didn’t even uttered a word. There is no news, no reporting on the decreasing of prices. Opposition and its agents seem to lost somewhere.

Yes it is completely true. The prices of petrol moved downward by 8 percent in last 30 days. In the last six weeks the price of petrol has been cut by Rs 10 per litre and diesel by Rs 8 almost. Today, is the 10th day of petrol and diesel prices being slashed? The petrol price has gone down to as low as 71.44 rupees per litre while diesel is available at 65.93 rupees per litre. Crude futures were trading below the $60 per barrel mark at $59.46

Continuous decrease is being observed in the prices since the last 45 days. Crude oil prices have come down by over 30 per cent since it touched its recent peak in the month of October.We all know that prices of petrol & diesel are deeply influenced by the crude oil rates. As the crude oil rates are consistently decreasing, the prices of petrol and diesel too are decreasing along with that.

When crude prices hit at a four-year high in the beginning of October, analysts had predicted rates of around $100. But by the end of November, prices nosedived to around $50 in the futures market, the worst crash since 2015.

Fuel prices reached an all-time high on October 4 in India when petrol hit Rs 84 per litre in Delhi and diesel 75.45 per litre. But after the steps taken by the PM Modi Government the price started to reduce from the very next day itself. On the very next day the finance ministry reduced the excise duty, asked state governments to cut sales tax or VAT, and instructed state-run oil retailers to bear a Re 1 loss on every litre of petrol and diesel sold. Cumulatively, petrol and diesel prices declined by Rs 5 in several states from October 5. The drop in crude oil rates helped to brought retail prices of petrol and diesel further down

The fall in crude prices is a big relief for India since it imports over 80 per cent of its crude requirement. Because of the fall in crude oil prices not only the prices of petrol and diesel have reduced but Rupee has also appreciated against the dollar and breached the 70 per dollar mark this week for the first time in three months.

Where is the opposition and its agents now?? Why they are silent? They very well know that there is no hand of PM Modi Government in the rising prices of fuel and weakening of the domestic currency. It all depends on various factors including the crude oil pricing but still they didn’t stop propagating their false theories and unnecessarily attacking the Modi government for same


Source : LiveMint


Niharika

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