Indian government plans to decrease petrol and diesel prices ahead of 2024 elections; international crude oil price decline leads to fall in fuel prices in India.
International oil prices have hit a seven-month low but there is no change in retail selling price of petrol and diesel in India as state-owned fuel retailers recoup losses incurred for holding rates for a record five months despite rising cost.
The Ministry of Petroleum and Natural Gas has inked contracts for 31 Discovered Small Fields (DSF) blocks under DSF bid round-III and four CBM blocks under CBM bid round V awarded to 14 exploration and production domestic companies.