Crude oil prices have now dropped to their lowest levels since January

Petrol, Diesel Prices in India Latest News: The Union Government is considering lowering fuel prices following a significant drop in global crude oil rates, according to a report by Business Today. 

The recent decline in crude oil prices, which have hit a nine-month low, is boosting profit margins for Oil Marketing Companies (OMCs), making it possible to pass on savings to consumers.

Crude oil prices have now dropped to their lowest levels since January, prompting discussions within the government about potential price cuts. With Assembly elections on the horizon in Maharashtra and Haryana, officials see this as a timely opportunity to offer relief to the public. 

Inter-ministerial talks are reportedly underway to explore how the reduction in global oil prices can benefit consumers while maintaining the financial stability of OMCs.

On Wednesday, U.S. crude oil prices fell by more than 1%, dipping below $70 per barrel. Brent crude oil also saw a decrease, falling by $1 to $72.75 per barrel. 

Analysts suggest that the recent price drop could lead the Organisation of the Petroleum Exporting Countries (OPEC) and its allies to reconsider their planned production increases, initially slated for the coming month.

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