Will Petrol prices now become down, and will the old pension scheme return?

 

Petrol will now be cheaper, the old pension scheme will return:

 

The humiliating defeat of the Bharatiya Janata Party in the Karnataka elections and the PM Modi government at the Center is proving to be unsettling. After these results, such a buzz is also arising that the Modi government at the center may take some big decisions in the coming times. Some such decisions can give great relief to the general public of the country. 

Especially now less than a year is left for the 2024 elections and all the political parties have started preparations for it. In such a situation, the Modi government is feeling that if some welfare schemes are not announced immediately, then the challenge of the Lok Sabha elections can prove to be very tough for them. 

Through government decisions, it can try to make the trend of the people once again in favor of the government. First, two major decisions of Modi's government can be such in this direction that they can change the picture of the whole environment. So let us tell you what can be these two big decisions of the Modi government, which will directly affect your pocket and how much relief they will bring to you. 

Inflation was a major issue in the Karnataka elections and the common people across the country were suffering from loss of income, loss of jobs, and inflation due to covid. The biggest problem in this was the prices of oil ie petrol and diesel. Now the government can persuade the oil companies to reduce the prices of petrol and diesel. 

Oil companies can be asked to reduce the prices of petrol and diesel so that the common people can get relief. The government has got a big relief in the prices of crude oil in the last few months. Brent crude prices have come down to around $20 a barrel in the last six months. Now crude oil is running at around $73 and since November it was above around $91. 

The under-recovery of petrol and diesel by oil companies has also almost ended. The government oil company has been earning a lot from the sale of petrol for the past few months. Oil companies have made a profit of ₹ 11 per liter on petrol. In recent times, the under-recovery of diesel sales and marketing companies has come down to ₹ 1. 

That is, if we look at the sales of both petrol and diesel, they have largely benefited. However, in the first half of 2022-23, OMCs (Oil Marketing Companies) have made losses of around Rs 27,000 crore. Now looking at the positive environment, the government can put pressure on these companies to reduce the prices of petrol and diesel.

 

It is also possible that the government may reduce its tax on the sale of oil some more so that the common people can get relief. Another major decision of the government could be the restoration of the old pension scheme. For some time, a debate is going on in the whole country on the restoration of the old pension scheme i.e. OPS. 

There are many states, where the governments of the opposition party have also announced to implement it. Old Pension Scheme have been implemented in Punjab, Himachal Pradesh, Chhattisgarh, and Rajasthan. While Congress has presented it as an election promise in Karnataka. The Modi government at the Center has also asked to consider this issue. 

In such a situation, an announcement in this regard can be made by the government. Overall, the Modi government can make a big bet on a reduction in oil prices and an announcement on OPS to give relief from inflation. At least the relief of reduction in the prices of petrol, diesel can be expected soon.