Petrol and diesel prices expected to decrease around ₹5-10

Hindustan Petroleum Corporation Ltd (HPCL) has revealed its plan to release its third-quarter (Q3) results on January 27. Simultaneously, the other two companies, namely Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL), are anticipated to announce their results around a similar timeframe. There is a possibility that the oil companies may contemplate reducing the prices of petrol and diesel next month.

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The public sector fuel retailers have held prices since April, 2022

Following the release of the quarterly results by the end of this month, there is a possibility that they may contemplate a reduction in petrol and diesel by ₹5 to ₹10 per liter.The decision is both political and financial in nature. Eknath Shinde’s government, formed in collaboration with the BJP, came into existence just two weeks ago. This followed his leadership in a rebellion within the Shiv Sena, resulting in the removal of Uddhav Thackeray’s Shiv Sena-NCP-Congress government.

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Finance Minister Nirmala Sitharaman decreased the excise duty on petrol and diesel by Rs 8-6per liter

Global crude oil prices have experienced a decline, with the benchmark Brent crude price around $77 per barrel in the international market as of Friday. This marks a decrease from the previous range of $85 to $90 in earlier months, facilitating a potential reduction in fuel prices.