Government Slashes Petrol and Diesel Prices Ahead of LS Polls Announcement

Before the announcement of when the Lok Sabha elections would happen, the government slashed the prices of petrol and diesel by Rs 2 per liter. People were guessing that petrol and diesel prices might go down soon, especially after recent reductions in the prices of LPG and CNG, probably because of the upcoming Lok Sabha elections.

The Petroleum Minister, Hardeep Singh Puri, mentioned on X platform that Prime Minister Narendra Modi has decreased petrol and diesel prices by Rs 2, showing his care for millions of Indians. Despite big issues in the oil industry, petrol prices in India dropped by 4.65% in the past two and a half years. As of March 14, petrol was priced at Rs 94 per liter, and diesel at Rs 87 per liter on average, according to the minister.

Earlier, on International Women’s Day, PM Narendra Modi had announced a Rs 100 decrease in LPG cylinder prices, which would help around 33 crore households. Last week, Puri had mentioned that reducing petrol and diesel prices needs careful consideration by government-owned oil companies due to various global factors affecting energy prices and their own financial condition.

Puri hinted that these oil companies are still facing challenges in making profits from diesel sales, although he didn’t specify the exact amount of loss.