India, along with the United States, Japan, China, and Korea, has decided to release five million barrels of crude oil from its strategic petroleum reserves.
Petrol and diesel prices may come down further. The central government has taken similar steps. According to sources in the Ministry of Petroleum, the central government has decided to release 5 million barrels of crude oil from the strategic petroleum reserves. That means the central government could release 5 million barrels of fuel oil very soon.
India, along with the United States, Japan, China, and Korea, has decided to release five million barrels of crude oil from its strategic petroleum reserves. An official statement from the Ministry of Petroleum said crude oil would be released in consultation with the countries concerned.
Sources said the United States has called on the countries concerned to release their stocks of crude oil. Only then has this decision been made. The decision was made to reduce the price of petroleum products worldwide. According to sources, India has about 26.5 million barrels or 26.5 million barrels of oil reserves.
India believes that the price of liquid hydrocarbons should be fixed in a reasonable, responsible market. India has repeatedly expressed concern that the supply of liquids is being adjusted below the level of demand by the artificially producing countries. As a result, prices are rising. Which is the consequence of negative care. That is what has been said in the statement issued by the central government.
According to government sources, the government has been constantly reviewing the high petroleum and diesel prices on the domestic front. Excise duty on petrol and diesel has been reduced by Tk 5 and 10 to control the rise in fuel prices. The decision was announced by the central government on November 3 before Diwali.
Earlier, Reuters reported that Japan, India, and the United States had discussed depleting crude oil stocks. US President Joe Biden called on China, India, South Korea, and Japan to work together to sell oil stocks. The main purpose of Biden’s decision is to reduce fuel prices before next year’s midterm congressional elections. The United States has also assured the countries concerned that there is no shortage of crude oil in the world. This is also the Prime Minister of Japan