Petrol Diesel Prices: Will the burden of petrol and diesel fall on your pocket after the elections? Central government gave a big statement on increase in prices

News India Live, Digital Desk: Amidst the election excitement in the country, the eyes of the common man are fixed on whether the prices of petrol and diesel will start touching the sky again after the voting is over. Amidst the elections in West Bengal and other states, there are often speculations that the government may increase oil prices. Now the Central Government has broken its silence on these discussions and made the situation clear. This statement of the government has left crores of drivers and the middle class in both relief and curiosity.

What did the government say on the rising prices of petrol and diesel?

Opposition parties and social media were continuously claiming that despite the fluctuations in crude oil prices in the international market, the prices in India have been kept stable, which can be increased after the elections. Responding to this, senior sources in the Petroleum Ministry clarified that the determination of oil prices is entirely in the hands of market forces and Oil Marketing Companies (OMCs). The government clarified that it is not intervening to control prices and the election results have no direct relation with oil prices.

Mathematics of international market and domestic prices

Experts say that global crude oil prices have remained unstable for some time. Crude oil prices have seen a rise due to production cuts by OPEC countries and geopolitical tensions. Despite this, there has been no major change in oil prices in India for quite some time. The central government argues that oil companies decide on prices only after assessing losses and profits. However, the general public fears that after the Bengal elections the prices may be gradually increased in the name of ‘Daily Price Revision’.

What are the options to avoid the blow of inflation?

The news of possible increase in the prices of petrol and diesel has increased the concern of consumers. The government says it is promoting alternative fuels and electric vehicles (EV) to reduce dependence on crude oil. Along with this, efforts are also being made to keep oil prices stable through ethanol blending program. But at present, all eyes are on the prices of Brent crude in the international market, because this will decide the prices of petrol and diesel in the future.

Public’s eyes now on election results

After the election results of West Bengal come in the coming days, it will become clear whether the oil companies change the prices or not. It has been seen in the past that prices remain stable during major elections and then rise gradually. Now it will be interesting to see what stance the oil companies take amid the government’s assurances. For now, the government has ruled out the possibility of any immediate hike, which has brought a sigh of relief to crores of consumers.