In a move aimed at providing relief to the common citizens, the Centre has announced a reduction in petrol and diesel prices by ₹2 per litre. The announcement, made by Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, comes just weeks before the upcoming Lok Sabha elections. The revised prices are set to take effect from March 15, 6 am.
Speaking on the decision, Minister Puri commended Prime Minister Modi for prioritizing the welfare and convenience of millions of Bharatiyas. He emphasized that the reduction in fuel prices reflects the government’s commitment to the people’s well-being.
पेट्रोल और डीज़ल के दाम ₹2 रुपये कम करके देश के यशस्वी प्रधानमंत्री श्री @narendramodi जी ने एक बार फिर साबित कर दिया कि करोड़ों भारतीयों के अपने परिवार का हित और सुविधा सदैव उनका लक्ष्य है।
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नव-धर्म… https://t.co/WFqoTFnntd pic.twitter.com/vOh9QcY26C— Hardeep Singh Puri (@HardeepSPuri) March 14, 2024
Comparison with International Prices
Highlighting the significant difference in fuel prices between India and other countries, Minister Puri pointed out that despite the reduction, petrol prices in India remain substantially lower. Comparing prices with countries like Italy, France, Germany, and Spain, he noted that Indian consumers enjoy significantly lower rates, fostering affordability and accessibility.
Maintaining Stability Amidst Volatility
Contrary to earlier speculations, the government has taken a proactive step to lower fuel prices despite concerns over crude oil volatility. Minister Puri reassured the public that despite market fluctuations, India has ensured a consistent supply of fuel at affordable rates, while also progressing towards sustainable energy sources.
Impact on Consumer Spending and Transportation Costs
The reduction in petrol and diesel prices is expected to have a positive impact on consumer spending and operating costs for various sectors. With over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers reliant on diesel, the move is set to alleviate financial burdens on both businesses and individuals.
Variation in Price Reduction Across Cities
The reduction in petrol and diesel prices will vary across different cities. In the national capital, Delhi, diesel prices will see a drop from ₹89.62 per litre to ₹87.62 per litre, while petrol prices will decrease from ₹96.72 per litre to ₹94.72 per litre. Similarly, in Mumbai, where taxes contribute to higher fuel costs, petrol prices will be reduced from ₹106.31 per litre to ₹104.21 per litre, and diesel prices from ₹94.27 per litre to ₹92.15 per litre.
In Kolkata and Chennai, the reduction in petrol prices will be ₹2.09 per litre and ₹1.88 per litre, respectively.
Overall, the decision to lower petrol and diesel prices is expected to provide significant relief to consumers across the country, contributing to economic stability and alleviating transportation costs.
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