Key Points
State-run oil marketing companies slashed pump prices of petrol and diesel by 2 per litre from Friday, continuing a spree of pre-election incentives to consumers that saw reductions in the rates of cooking gas and compressed natural gas for automobiles earlier this month.o)..
The news of slashing deregulated petrol and diesel rates was broken on social media platform X by the petroleum ministry late on Thursday night..
In a post on X, petroleum minister Hardeep Singh Puri said in Hindi, By reducing the price of petrol and diesel by 2, the countrys accomplished Prime Minister Shri @narendramodi Ji has once again proved that the welfare and comfort of his family of crores of Indians is always his goal..
Consumer prices of various types of fuel came down after Prime Minister Narendra Modi on March 8 announced a reduction in cooking gas price by 100 per cylinder as a gift to 320 million households on International Womens Day. . 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 oil ministry said on X..
OMCs froze petrol and diesel rates on April 6, 2022, to check international oil price volatility and the central government reduced excise duty twice (by 13 on petrol and 16 on diesel) to protect Indian consumers when average crude oil purchase prices of the Indian basket surged from $73.30 a barrel in December 2021 to $112.87 a barrel in March 2022, and further to $116.01 a barrel in June 2022..
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