Center likely to announce massive cuts in petrol and diesel prices before this date | Deets in

The Petroleum Ministry has reportedly prepared a proposal that includes cuts of Rs 8 to Rs 10 per liter for both fuels, for Prime Minister’s approval which could come on Thursday.

In Kolkata, petrol is available at Rs 106.03 and diesel at Rs 92.76 per litre. Petrol is being sold at Rs 102.63 and diesel at Rs 94.24 per liter in Chennai.

New Delhi: The Modi government plans to reduce petrol and diesel prices by Rs 8 per litre, according to a report by Zee Business citing sources. The report further added that the announcement will be made before the calendar year ends. The Petroleum Ministry has prepared a proposal that includes cuts of Rs 8 to Rs 10 per liter in both fuels, for Prime Minister’s approval which could come on Thursday, Zee Business reported.

The central government had earlier said that petrol and diesel prices in India fell between November 2021 and November 2023. Prices of the two fuels have risen both in neighboring countries and in advanced Western countries.

The government shared graphs showing that the price of petrol in India fell by 11.82 per cent and diesel by 8.94 per cent between November 2021 and November 2023. On the other hand, the price of petrol in neighboring Sri Lanka has increased by 54.32 percent. Lanka and with 41.24 percent in Pakistan. Gasoline prices were also higher in the US, Canada and Britain, by 9.32 percent, 7.3 percent and 11.36 percent respectively.

In the case of diesel, the price in Sri Lanka increased by 110.24 percent, while in Pakistan it increased by a whopping 53.55 percent. Diesel prices increased by 27.59 percent in the US, 9.92 percent in the UK and 11.36 percent in Germany between November 2021 and November 2023

“Faced with the challenge of rising crude oil prices, the Modi government has taken proactive measures to protect citizens from the economic fallout. Through strategic planning and policy initiatives, the government has aimed to stabilize fuel prices to ensure minimal impact on consumers,” the official statement said.

“The government actively protects ordinary citizens from fluctuations in global oil prices. Through proactive measures, it prioritizes stability amid volatility, ensuring minimal impact on the public. This commitment reflects a commitment to protecting the economic well-being of citizens from external market challenges,” the statement said.