National Desk, 8 June: Petrol and diesel prices may decrease. Oil marketing companies are likely to reduce the prices of petrol and diesel. As per the government officials said the companies have almost recovered their losses and their business is on the verge of normalizing.
As a result, companies are expected to reduce the prices of petrol and diesel. Reports stated that the quarterly results of the companies are good and the results for the next quarter are also expected to be good. The companies are expected to reduce the prices of diesel and petrol as they do not need any further recovery.
According to a member of the Organization of Petroleum Exporting Countries (OPEC) there will be no impact on the alternative market even if oil production is reduced. According to an official in the Ministry of Petroleum and Gas, the impact is not so much even if there is some impact as there is adequate oil supply in the market. Oil exporting countries on Sunday made no changes in the planned oil production decline for the rest of the year.
The world’s leading oil exporter Saudi Arabia has also volunteered to implement further production cuts starting in July. However, these decisions of oil producers are unlikely to result in a shortage of crude oil supply. There is no shortage of crude oil supply in the market. The decision by producers to cut more output is expected to have no effect.
Officials added that the government’s plan to mix 20 per cent ethanol is in the right direction and there is no restriction on mixing ethanol up to 20 per cent. Reportedly, there were some challenges initially but they have been handled well. Now with new technology auto companies are also improving engine technology.