Guwahati: In a move aimed at providing relief to consumers, the Centre has announced a reduction of ₹2 in petrol and diesel prices, effective from March 15, 6 am, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, revealed on microblogging platform X. The decision comes just weeks ahead of the upcoming Lok Sabha elections.
Minister Puri hailed Prime Minister Modi’s commitment to the welfare and convenience 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 of petrol in various countries, Minister Puri emphasized the competitive rates in India. “On March 14, 2024, in rupee terms, petrol in India is on average ₹94 per litre but in Italy ₹168.01—i.e., 79% more; In France ₹166.87—i.e., 78% more; In Germany ₹159.57—i.e., 70% more and in Spain ₹145.13—i.e., 54% more,” he added.
This reduction in fuel prices comes as a departure from earlier statements made by Minister Puri in January, where he indicated that fuel prices would not see a decrease due to high crude volatility, dismissing media reports as ‘speculative’.
However, the Ministry of Petroleum reaffirmed India’s commitment to maintaining energy availability, affordability, and sustainability. “The supply of fuel in India remained constant, remained at cheap prices and our steps also continued to move towards green energy,” the ministry stated.
The move is expected to have a positive impact on consumer spending and reduce operating costs for various sectors heavily reliant on diesel, including over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers, according to the Petroleum Ministry.
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