Also, know what would be the impact of cheaper petrol and diesel prices
Petrol prices slipped below Rs 71, for the first time in eight months on Wednesday. International oil prices crashed by closed to 31 %, the second-largest on record, after the disintegration of the OPEC+ alliance triggered and a price war between Russia and Saudi Arabia. Petrol price was recorded at 70.29 and diesel price decreased to 63.01 in New Delhi on Wednesday.
Fuel prices have been on a decline since February 27 on International trends. Twitter made its presence felt by reacting on the issue. Some people were concerned over the minimal decline in petrol and diesel price. They say that even though the cost of crude oil in the international market has dropped to almost half but the prices of petrol and diesel have got only Rs 2 or 3 cut. Here are 10 tweets that are a testimony of how petrol prices impact society.
Crude oil price has lowered to 34$ per barrel on 9/4/20 from 68$ per barrel on 3/1/20, almost half, but #petrolPrice has been reduced by 2 rupees per litre. Neither the Central Govt nor State govts have any intention to give relief to common people.
— Ashish Jha आशीष झा (@ashish_jha_29) March 11, 2020
— libna khan (@coldfish28) March 11, 2020
— Chan Basha (@chanbasha9302) March 11, 2020
What people. What GOVT
Expect 👇. Give 🤦 pic.twitter.com/p4wBTex5OF
— The Wolverine (@KEEP_IT_UPER) March 11, 2020
In the past its been seen when prices go steeply up, the impact in India is not that steep and same goes when the prices go down. Prices tend to balance out over time so a buffer helps to safeguard the economy during crisis and that's why #petrolprice is not coming down quickly
— Matooshak (@Matooshak) March 11, 2020
#petrolPrice @nsitharaman @narendramodi , seems you guys dont want to give my relief to common public, crude had went down to 34USD/ barrel almost half of its price when petrol was 75₹/lit, just 2 rs reduction, sir this is really not fair, ppl's mood r getting changed
— Ishan rana (@ishanrana170) March 11, 2020
— bhaskaran(BS) (@BHASKARANSHIVAR) March 11, 2020
— Prathan (@MsPrathan) March 11, 2020
— Rizwan (@rizwan_chouhan) March 11, 2020
— Andrew Cantwell (@_andrewcantweet) March 10, 2020
While the oil prices are decreasing in the International market giving an advantage to the government, rupee’s value against the dollar has become a headache for the government. A weaker rupee means that India will have to pay more for buying the same amount of commodity from overseas.
As per the data of the oil ministry’s petroleum planning and analysis cell, India is likely to pay USD 105.58 billion which amounts to Rs 7. 43 lakh crore on import of 225 million tonnes of crude oil for the fiscal year 2019-20, ending in March 2020. India had paid USD 119.9 (Rs 7.83 lakh crore) billion in the year 2018-19 for 226.5 million tonnes of oil.
How cheaper petrol and diesel price will impact us?
Lower prices of petrol and diesel mean that they become more competitive versus renewable energy and delay switchover to cleaner fuels in the fight against global warming and climate change.
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