Fuel prices have been unacceptably high for the common man. Commentators and the political Opposition have been saying that the government must take steps to reduce the prices of petrol and diesel to ease the inflationary burden on the poor and the middle class.
Looks like the Narendra Modi government believes that something positive is going to happen on that front. On Saturday, Petroleum Minister Hardeep Singh Puri reportedly hinted that oil marketing companies (OMCs) might well be in a position to slash the prices of fuel.
However, this comes with a condition. The crude oil price must remain stable. Otherwise, no early cut-down can be expected.
Fuel prices are deregulated in India. That's why a call to reduce the prices of petrol and diesel must come from OMCs.
It's believed that the government might persuade OMCs to take a consumer-friendly call now that five States are going to go to polls later this year. If BJP puts up a weak performance in Telangana, Madhya Pradesh, Rajasthan and Chattisgarh, the party will face the heat in the 2024 General Elections.
