Fuel Prices Slashed Ahead of Lok Sabha Polls

Ahead of the Lok Sabha polls expected in April-May, the government has decided to slash the price of petrol and diesel by Rs 2 per litre, bringing relief to the people. The Ministry of Petroleum and Natural Gas announced on X that Oil Marketing Companies (OMCs) have adjusted petrol and diesel rates nationwide, with the new prices taking effect from March 15, 2024, at 6 am.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed on X that Prime Minister Narendra Modi’s decision to reduce petrol and diesel prices by Rs 2 per litre demonstrates his commitment to the welfare and convenience of millions of Indians.

The Ministry highlighted that the reduction in fuel prices will stimulate consumer spending and decrease operating costs for over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel. This move is anticipated to increase disposable income, support the tourism and travel sectors, and aid in controlling inflation.

Furthermore, the Ministry emphasized that this decision will bolster consumer confidence and spending, reduce transportation expenses for businesses, improve profitability in various sectors including logistics, manufacturing, and retail, and lower costs for farmers using tractor operations and pump sets.