The Union government has denied speculations of a possible cut in fuel prices soon.
Nothing is being planned regarding cut in petrol and diesel prices as of now, two persons with knowledge of the matter told NDTV Profit on the condition of anonymity.
These comments from persons in the Ministry of Finance, and the Ministry of Petroleum and Natural Gas came amid reports that fuel prices could be cut soon.
The possible cut was expected as a new year gift to the people months ahead of the Lok Sabha elections. Crude oil prices have dropped to an average of $77 per barrel in 2023 compared with $93 per barrel in 2022.
The Union government has not changed the fuel price since May 2022 when it cut the excise duty on petrol and diesel by Rs 8 and Rs 6 per litre respectively. That move came amid a steep price rise in petrol to as much as Rs 120 per litre in few states.
The three state-run oil marketing companies, Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. reported a combined profit of Rs 58,200 crore in the first six months of the current financial year.
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