News Karnataka
Thursday, April 18 2024

Govt Cuts Petrol, Diesel Prices by Rs 2 Ahead of Lok Sabha Polls

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The Center on Thursday cut the price of gasoline and diesel by Rs 2 per litre ahead of the announcement of the Lok Sabha election schedule.

With the recent price reductions for compressed natural gas (CNG) and liquefied petroleum gas (LPG), there was much conjecture that, given the approaching Lok Sabha elections, petrol and diesel prices would also be dropping.

In a post on X, Petroleum Minister Hardeep Singh Puri said, “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 that despite the biggest oil crisis, “petrol prices in India decreased by 4.65 per cent in the last two and a half years.”

On the occasion of International Women’s Day, Prime Minister Narendra Modi had announced a cut of Rs 100 per cylinder in cooking gas prices. The price reduction, is set to benefit nearly 33 crore households that use liquefied petroleum gas (LPG) as cooking fuel.

Last week, Puri had said that a reduction in retail prices of petrol and diesel is a decision that would have to be thought through “very coolly” by public sector oil marketing companies (OMCs) in view of the volatility in the global energy market, geopolitical challenges, and the companies’ financial health.

Indicating that the OMCs are not fully out of the woods yet in terms of profitability on fuel sales, Puri said that they are still incurring under-recoveries on diesel sales, but did not quantify it.

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