Govt Slashes Petrol, Diesel Prices by Rs 2/Litre Ahead of LS Polls Schedule Announcement

The Center slashed prices of petrol and diesel by Rs 2 per litre on Thursday, just ahead of the Lok Sabha election schedule announcement.

Announcing the news on social media platform X, the Ministry of Petroleum and Natural Gas declared that the new prices would be effective from March 15, on Friday, starting at 6:00 AM.

“Oil Marketing Companies (OMCs) have informed that they have revised Petrol and Diesel Prices across the country. New prices would be effective from 15th March 2024, 06:00 AM. 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 ministry stated.

Commenting on the price reduction, Union Minister Hardeep Singh Puri lauded Prime Minister Narendra Modi’s leadership, stating that he has “once again proved that the welfare and convenience of his family of crores of Indians is always his goal.”

“When the world was going through difficult times – petrol prices increased by 50-72 percent in developed and developing countries and in many countries around us petrol was no longer available, even then, in the fifty years after 1973, Despite the biggest oil crisis, Modi’s family was not affected due to his visionary and intuitive leadership. Instead of increasing, petrol prices in India decreased by 4.65 percent in the last two and a half years!,” Hardeep Singh Puri wrote in his X post.

Comparing petrol and diesel prices in India with those in foreign countries, the Union Minister highlighted the significant differences.

“On March 14, 2024, in rupee terms, petrol in India is on average ₹ 94 per liter 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! And if we compare the prices of diesel, then if India’s average ₹ is 87 per liter then in Italy ₹ it is 163.21 i.e. 88% more; In France ₹ 161.57 i.e. 86% more; In Germany ₹ 155.68 i.e. 79% more and in Spain ₹ 138.07 i.e. 59% more!,” Singh wrote.

On Thursday, Rajasthan Chief Minister Bhajan Lal Sharma also announced a 2% reduction in the VAT rate on petrol and diesel in the state, starting from Friday. Sharma stated that this VAT cut would provide relief ranging from Rs 1.40 to Rs 5.30 on petrol and from Rs 1.34 to Rs 4.85 on diesel for buyers. Currently, the Rajasthan government imposes a VAT of 31.04% on petrol and 19.30% on diesel