Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced that the Centre has decreased the prices of petrol and diesel by Rs 2. This decision has been made a few weeks before the Lok Sabha elections.
The updated price will come into effect starting from 6 am on March 15. "By reducing the prices of petrol and diesel by Rs 2, the country's illustrious Prime Minister Modi has once again proved that the welfare and convenience of his family of crores of Indians is always his goal," the minister said.
"On March 14, 2024, in rupee terms, petrol in India is on average Rs 94 per litre but in Italy Rs 168.01- i.e. 79 per cent more; In France Rs 166.87 i.e. 78 per cent more; In Germany Rs 159.57 i.e. 70 per cent more and in Spain Rs 145.13 i.e. 54 per cent more," he added.
In January, Hardeep Puri, the Union Minister, stated that there would be no reduction in fuel prices in the foreseeable future due to the significant fluctuations in crude oil. He dismissed media reports as mere speculation.
"The supply of fuel in India remained constant, remained at cheap prices and our steps also continued to move towards green energy. That is, India maintained Energy Availability, Affordability and Sustainability," the ministry said.
"Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers," the petroleum ministry added.
The decrease in the prices of petrol and diesel will differ across different cities. According to the Petroleum Ministry in Delhi, the current price of diesel, which is Rs 89.62 per liter, will be lowered to Rs 87.62 per liter. Similarly, the cost of petrol in the national capital, which is currently Rs 96.72 per liter, will be reduced to Rs 94.72 per liter.
In Mumbai, the financial hub of India, where fuel prices are higher than in Delhi due to VAT and other taxes, the government has decided to decrease the price by Rs 2.10 per liter. As a result, the current price of petrol in Mumbai, which is Rs 106.31 per liter, will be reduced to Rs 104.21 per liter. Similarly, the cost of diesel per liter in Mumbai, currently Rs 94.27, will be lowered to Rs 92.15 per liter starting tomorrow.
The price of petrol in Kolkata has been lowered by Rs 2.09 per liter, while in Chennai, the reduction will be Rs 1.88 per liter.
