Fuel Prices Likely To Drop As Centre Decides To Release Crude Oil From Its Reserves

The Centre has agreed to release 50 lakh barrels of crude oil from its Strategic Petroleum Reserves, which might lead to a further decline in gasoline prices in the coming days. The decision was made after Hardeep Singh Puri, Minister of Petroleum and Natural Gas, met with top ministry officials and executives from oil marketing corporations. Besides, the U.S also contacted India to surrender its petroleum reserves to reduce crude oil prices.