Fuel Prices Fall: Petrol, Diesel Prices Reduced by Rs 2 After Two Years
In a recent development, the price of petrol and diesel dropped by 2 rupees, the first fall in more than two years. Oil Minister Hardeep Singh Puri announced this cut, which will take effect from 6 a.m. on Friday. He attributed the decision to Prime Minister Narendra Modi’s dedication to the well-being of millions of Indians. Despite global oil market concerns, India has seen a 4.65% drop in petrol prices over the last eighteen months. Oil prices last changed in May 2022, and have since remained constant providing a bit of relief to customers.
Following this announcement, the price of petrol per liter in Bhubaneswar dropped by approximately Rs 2.13 to Rs 101.6, down from its previous rate of Rs 103.19. Similarly, diesel prices have dropped by Rs 2.12, to Rs 92.64 instead of Rs 94.76. On International Women’s Day, Prime Minister Narendra Modi announced a Rs. 100 price decrease for 14.2 kg LPG cylinders. Furthermore, the price of CNG has dropped by around two and a half rupees per kg.
With the Lok Sabha elections set to begin next month, the timing of this drop is significant. The government’s decision to decrease petrol and diesel prices is seen as an attempt to gain voter support. The retail pricing of these fuels is mostly determined by worldwide crude oil prices and the rupee’s exchange rate versus the US dollar. Crude oil prices are now hovering around $80, with the rupee trading at Rs 82.87 against the dollar.
