Indian government slashes petrol, diesel prices by Rs 2 per litre
For representative use.
Ahead of the Lok Sabha election schedule announcement, the government implemented a Rs 2 per litre reduction in petrol and diesel prices on Thursday (March 14).
Speculation had been circulating following recent cuts in liquefied petroleum gas (LPG) and compressed natural gas (CNG) prices, suggesting that a decrease in petrol and diesel prices might be on the horizon due to the impending Lok Sabha polls.
In a statement on X, Petroleum Minister Hardeep Singh Puri remarked, "With the Rs 2 reduction in petrol and diesel prices, Prime Minister Narendra Modi has reaffirmed his commitment to the well-being and convenience of millions of Indian citizens."
On an average, the minister reported that the average price of petrol stood at Rs 94 per litre, while diesel was priced at Rs 87 per litre.
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The Ministry announced that the new prices would come into effect from 6 a.m. local time on Friday, emphasising that the reduced prices would aid in curbing inflation and boosting consumer confidence and spending.
"The reduction in petrol and diesel prices will stimulate consumer spending and reduce operating expenses for over 5.8 million heavy goods vehicles fueled by diesel, as well as for 60 million cars and 270 million two-wheelers," stated the ministry.
The magnitude of price reductions will vary across cities due to local taxes.
In February, India witnessed a faster-than-expected increase in annual retail inflation primarily due to elevated food prices.
Although annual retail inflation dipped slightly to 5.09 per centin February from 5.10 per centin January, it exceeded the 5.02 per centforecast by a Reuters poll of 42 economists.
Earlier this month, India announced a 100 rupee reduction in the cost of a cooking gas cylinder, a move perceived as targeting female voters.
Earlier on International Women’s Day, Prime Minister Narendra Modiannounced a reduction of Rs 100 incooking gas prices, benefiting nearly 33 crore households reliant on liquefied petroleum gas (LPG).
Petroleum Minister Hardeep Singh Puri had previously stated that any reduction in retail prices of petrol and diesel would require careful consideration by public sector oil marketing companies (OMCs) due to global energy market volatility, geopolitical challenges, and the financial condition of these companies.
Opinion polls indicate a comfortable victory for Prime Minister Narendra Modi'sBharatiya Janata Party and its allies in the upcoming lower house parliamentary elections.
(With inputs from agencies)