Petrol, diesel prices cut by Rs 2 per litre ahead of LS polls

Ahead of the Lok Sabha polls, the Centre slashed the prices of petrol and diesel by Rs 2 per litre on Thursday.

The revised prices will be applicable from 6 am on Friday, said the oil ministry.

Petrol in the national capital will now cost Rs 94.72 a litre compared to Rs 96.72 per litre currently, and diesel will come for Rs 87.62 against Rs 89.62 at present. 

"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 said.

Reduced petrol and diesel prices will benefit the citizens through more disposable income, boost for tourism and travel industries, control over inflation, enhanced profitability for logistics, manufacturing, and retail sectors, and reduced outgo for farmers on tractor operations and pump sets, it added.

Petrol in Mumbai will cost Rs 104.21 a litre from Friday, Rs 103.94 in Kolkata and Rs 100.75 in Chennai. A litre of diesel will be priced at Rs 92.15 in Mumbai, Rs 90.76 in Kolkata and Rs 92.34 in Chennai.

The price cut came a week after a Rs 100 per cylinder reduction in cooking gas LPG price was announced. The reduction of the cooking gas prices brought down the rates to Rs 803 per 14.2 kg cylinder. 

Meanwhile, taking to X, Petroleum Minister Hardeep Singh Puri said in the last two and a half years, the petrol prices in India decreased by 4.65 per cent.

“By reducing the prices of petrol and diesel by Rs 2, Prime Minister Narendra Modi has once again proved that the welfare and convenience of his family of crores of Indians is always his goal," he added.

While comparing the prices with other countries, Puri said India is the only country where the prices of petrol and diesel did not increase but decreased. 

"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!" said the minister. 

"And if we compare the prices of diesel, then if India's average ₹ is 87 per litre 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!" he added.