Centre cuts petrol, diesel prices by Rs. 2 across India

The announcement comes weeks ahead of the Lok Sabha elections.

The revised price will be effective from March 15, 6 am. "By reducing the prices of petrol and diesel by ₹ 2, the country's illustrious Prime Minister Modi has once again proved that the welfare and convenience of his family of crores of Indians is always his goal," the minister said.

"On March 14, 2024, in rupee terms, petrol in India is on average ₹ 94 per litre but in Italy ₹ 168.01- i.e. 79% more; In France ₹ 166.87 i.e. 78% more; In Germany ₹ 159.57 i.e. 70% more and in Spain ₹ 145.13 i.e. 54% more," he added.

In January, Union Minister Hardeep Puri said that fuel prices will not be cut in the near future as there is high crude volatility. Dismissing media reports as 'speculative'.

"The supply of fuel in India remained constant, remained at cheap prices and our steps also continued to move towards green energy. That is, India maintained Energy Availability, Affordability and Sustainability," the ministry said.

"Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers," the petroleum ministry said.