New Delhi: Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced on X that the Centre will slash petrol and diesel prices by Rs 2 across the country.
This decision, made weeks before the Lok Sabha elections, will come into effect from 6 am on March 15. Puri commended Prime Minister Modi for prioritizing the welfare and convenience of millions of Indians, stating, “With this reduction, Prime Minister Modi has reaffirmed his commitment to the well-being of our nation.”
Earlier in January, Puri had asserted that prices of petrol and diesel would not see a reduction in the near future due to high crude volatility, dismissing media reports as speculative.
The ministry emphasized India’s consistent fuel supply at affordable prices while making strides toward green energy, ensuring Energy Availability, Affordability, and Sustainability.
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On Thursday, he further highlighted the stark contrast in petrol prices between India and other countries, stating that as of March 14, 2024, the average price of petrol in India stands at Rs 94 per litre, whereas it’s Rs 168.01 in Italy, Rs 166.87 in France, Rs 159.57 in Germany and Rs 145.13 in Spain – marking increases of 79 percent, 78 percent, 70 percent and 54 percent, respectively.
The ministry projected that the reduction in petrol and diesel prices would stimulate consumer spending and alleviate operating costs for a vast number of vehicles, including over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel. The reduction would vary from city to city, with Delhi seeing diesel prices drop from Rs 89.62/L to Rs 87.62/L and petrol prices from Rs 96.72/L to Rs 94.72/L.
Kolkata witnessed a reduction of Rs 2.09/L in petrol prices, while Chennai’s reduction stood at Rs 1.88/Litre.
In Mumbai, where VAT and other taxes inflate fuel costs compared to Delhi, the ministry reduced petrol prices by Rs 2.10/L, bringing the effective rate to Rs 104.21/L, while diesel prices would reduce from Rs 94.27/L to Rs 92.15/L.
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