In a significant pre-election move, the government has announced a reduction of Rs 2 per liter in the prices of petrol and diesel. This decision comes amidst speculations surrounding the timing of the upcoming Lok Sabha elections, with many anticipating a decrease in fuel prices following recent reductions in LPG and CNG rates.
Petroleum Minister Hardeep Singh Puri, addressing the public through the X platform, highlighted Prime Minister Narendra Modi’s initiative to alleviate the financial burden on millions of Indians by lowering petrol and diesel prices. Despite challenges within the oil industry, India has witnessed a notable decline of 4.65% in petrol prices over the past two and a half years. As of March 14, the average price of petrol stood at Rs 94 per liter, while diesel was priced at Rs 87 per liter.
The announcement follows Prime Minister Modi’s earlier declaration on International Women’s Day, wherein he unveiled a Rs 100 reduction in LPG cylinder prices, benefiting approximately 33 crore households across the nation. Petroleum Minister Puri had previously indicated that reducing petrol and diesel prices necessitates careful deliberation by government-owned oil companies, considering various global factors influencing energy prices and their financial standing.
While acknowledging the challenges faced by these oil companies in generating profits from diesel sales, Minister Puri refrained from specifying the exact magnitude of the financial strain.
