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In a move aimed at providing relief to consumers, the central government declared a reduction in petrol and diesel prices by Rs 2, effective from Friday.

 

 Union Petroleum and Natural Gas Minister, Hardeep Singh Puri, took to social media to attribute this decision to Prime Minister Narendra Modi's commitment to the welfare of millions of Indians.

 

The timing of this price adjustment is notable, occurring just weeks before the impending Lok Sabha elections, although the Election Commission is yet to announce the poll schedule. In 2019, during the previous general election cycle, the model code of conduct was implemented in mid-March, with polling spanning April and May across seven phases.

 

Oil marketing companies, following directives from the petroleum ministry, have implemented the revised fuel prices nationwide. It's crucial to note that petrol and diesel prices vary from state to state due to factors such as freight charges, value-added tax, and local levies.

In the national capital, Delhi, the price of petrol will now stand at Rs 94.72 per litre, down from Rs 96.72 previously, while diesel will cost Rs 87.62 per litre, down from Rs 89.62.

Similarly, in Mumbai, petrol prices will drop from Rs 106.31 per litre to Rs 104.21, and diesel prices will decrease from Rs 94.27 to Rs 92.15 per litre.

The Ministry of Petroleum and Natural Gas emphasized in a social media post that the reduction in fuel prices would positively impact consumer spending and reduce operating costs, especially for heavy goods vehicles, cars, and two-wheelers.

 

Minister Puri juxtaposed Indian fuel prices with those in Europe, highlighting the relative affordability in India. This marks the first downward adjustment in petrol and diesel prices since May 2022, as per reports.

 

However, opposition leader P. Chidambaram criticized the move, likening it to a familiar tactic of political maneuvering. He drew parallels to recent reductions in the price of domestic liquefied petroleum gas (LPG) before elections, questioning the sincerity of the government's intentions.

 

On March 8, the ruling Bharatiya Janata Party-led government had announced a Rs 100 reduction in the price of domestic LPG cylinders.

 

Chidambaram further raised concerns about the potential for future price hikes, particularly if the BJP were to secure victory in the upcoming elections.