The drop in prices of petrol and diesel was expected as international crude oil prices dropped and have remained stable for some time.
HIGHLIGHTS
-The new prices have come into effect from 6 am on Tuesday
-The drop in fuel prices comes after more than six months of holding steady
-The crude oil price has remained below 95 dollars per barrel for some time now
The prices of petrol and diesel have been slashed by 40 paise per litre and the new prices will be effective from 6 am on Tuesday.
As on Monday, the cost of petrol in the national capital was Rs 96.72, Rs 106.03 in Kolkata, Rs 106.31 in Mumbai and Rs 102.63 in Chennai.
The drop in prices was expected as international crude oil prices dropped and have remained stable for some time.
The crude oil price has remained below 95 dollars per barrel for some time now.
The drop in fuel prices comes after more than six months of holding steady.
The last reduction in price was on April 7 this year.
20 pc ethanol-blended petrol may be available from Dec or Jan
In October, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said 20 per cent ethanol-blended petrol is likely to be available in the country from December or January, ahead of the April 2023 target.
“We are constantly reviewing the ethanol production and I believe, 20 per cent blended fuel would come in the market in December or January ahead of April 2023 (target),” he told reporters.
Citing the example of Brazil where flex-fuel vehicles are available and the consumer can take ethanol or petrol as per choice, he said that this will be the ultimate goal of the government.
However, to reach that stage, certain technical aspects are there and work is going on.
“We are going to hold a major meeting with automobile manufacturers on ethanol blending,” he said.
India has advanced the target date for achieving 20 per cent ethanol-blending in petrol by five years to 2025.
The minister also said that for the targeted 20 per cent blending of ethanol in petrol, the country will need a 1,000 core litre capacity.
He added that 450 crore litre is being produced and tenders for 400 crore litre have been issued.
“We have more than enough ethanol for 20 per cent blending,” he noted.
All petrol sold in the country is targeted to have 20 per cent ethanol by 2025.
(With inputs from agencies)
Source- INDIA TV NEWS
