Hyderabad: Ahead of the general elections scheduled for 2024, the union government is exploring the option of reducing petrol and diesel prices in all Indian districts and cities, including Hyderabad.
Quoting government sources, Business Today TV reported that the government may cut petrol and diesel prices by Rs 4-6 per liter. However, a higher reduction of up to Rs 10 per liter is also not ruled out.
It is also reported that discussions between Oil Marketing Companies (OMCs) and the government are ongoing in this regard.
According to sources, the union government favors reducing petrol and diesel prices in Hyderabad and other Indian districts, given that crude oil rates have been hovering between USD 70 and USD 80 per barrel for the last three months.
Crude oil price
Currently, the Brent crude oil rate is USD 77.42 per barrel.
Oil prices sharply fell in the earlier session as concerns eased about shipping disruptions along the Red Sea route. The prices dropped nearly 2 percent on Wednesday as major shipping firms began returning to the Red Sea.
In this scenario, it would be easier for the union government to reduce petrol and diesel prices in Hyderabad and other districts in India.
Petrol, diesel prices in Hyderabad, other metros
For the past several months, petrol and diesel prices in Hyderabad and other metro cities in India have remained unchanged.
The prices in metro cities are as follows:
| Indian metro cities | Petrol price (per liter) | Diesel price (per liter) |
| Hyderabad | 109.66 | 97.82 |
| Chennai | 102.63 | 94.24 |
| Mumbai | 106.31 | 94.27 |
| Kolkata | 106.03 | 92.76 |
| New Delhi | 96.72 | 89.62 |
It remains to be seen when petrol and diesel prices will be dropped, given that the elections are scheduled to be held in the first half of 2024.
