In a significant move, the Centre has announced a reduction in petrol and diesel prices by ₹2, effective from March 15 at 6 am, as confirmed by Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri. This decision comes just weeks before the Lok Sabha elections and aims to alleviate the burden on consumers amidst rising fuel costs.
Minister Puri lauded Prime Minister Modi’s commitment to the welfare of millions of Indians, stating, “By reducing the prices of petrol and diesel by ₹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.”
Highlighting the comparative prices, Minister Puri noted that in India, petrol is priced at an average of ₹94 per litre, significantly lower than in countries like Italy (₹168.01), France (₹166.87), Germany (₹159.57), and Spain (₹145.13). This reduction aims to ease the financial burden on consumers and boost consumer spending.
The petroleum ministry emphasized that the reduction in fuel prices will benefit over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel, leading to reduced operating costs and increased consumer spending.
The new prices will vary across cities, with Delhi seeing diesel prices reduced from ₹89.62 to ₹87.62 per litre and petrol prices from ₹96.72 to ₹94.72 per litre. In Mumbai, where fuel prices are typically higher due to VAT and other taxes, petrol prices will see a reduction from ₹106.31 to ₹104.21 per litre and diesel from ₹94.27 to ₹92.15 per litre.
Similarly, Kolkata will witness a reduction of ₹2.09 per litre in petrol prices, while Chennai will experience a decrease of ₹1.88 per litre.
This move is expected to provide relief to consumers and stimulate economic activity, especially as the country gears up for the upcoming elections and navigates through economic challenges posed by global fuel price fluctuations.
Sources By Agencies