Petrol And Diesel Inflation: People May Get Relief Soon

Petrol and Diesel inflation may get relief soon, discussion is going on in the Ministry of Finance.

The government has started preparing to give relief to ordinary consumers from the rising prices of petrol and diesel. Discussions have started in the Finance Ministry regarding the reduction in excise duty on petrol and diesel.

The Ministry of Petroleum and companies are also being approached in this regard.

The Finance Ministry is also preparing to consult the states on the relief of petrol diesel prices so that the charges on petroleum fuel will be cut with a mutual agreement.

On Tuesday, the price of petrol crossed Rs 91 in Delhi-NCR and the price of diesel was Rs 81 per liter.

According to ministry sources, the government can cut the excise duty of petrol and diesel anytime after two weeks.

According to sources, the government is also monitoring the meeting of the Organization of Petroleum Exporting Countries ([OPEC)] to be held this week in which the decision to cut crude oil production is to be taken.

If OPEC does not decide to cut production, the price of crude oil will stabilize internationally. In such a situation, consumers will get more relief from the reduction in excise duty.

Petrol and Diesel inflation: Experts say that the election phase will start in many states from the end of March, so before that, there can be a relief in the price of petrol and diesel.

They also say that after the recovery in the economy, the government has started getting revenue through other means as well and GST collection has also been above one lakh crore for five consecutive months.

Therefore, there is a full scope of excise duty reduction.

Gold Rate Today: Gold Price Declines in Futures Market, Silver Price Also Decreased

Gold and silver prices declined. On the Multi Commodity Exchange (MCX), at 10:56 am, the price of delivery gold was down by Rs 123, or 0.27 percent, to Rs 45,425 per 10 grams.

In the previous session, the gold price in the April 2021 contract was Rs 45,548 per 10 grams.

In June 2021, the rate of delivery gold was trending at Rs 45,611 per 10 grams with a break of Rs 138 i.e. 0.30 percent. In the previous session, the price of June contract gold was Rs 45,749 per 10 grams.