In anticipation of the upcoming Lok Sabha elections, the Indian government has announced a reduction of Rs 2 per litre in petrol and diesel prices. Petroleum Minister Hardeep Singh Puri praised Prime Minister Narendra Modi for prioritizing the welfare and convenience of Indian citizens, despite facing a major oil crisis in the past few years. This decision comes after the recent LPG and CNG price cuts, and is expected to benefit millions of Indian households.
Government Slashes Fuel Prices: A Comprehensive Overview
Background
In a move aimed at alleviating the financial burden on Indian citizens amid rising inflation and an impending general election, the Indian government has announced a reduction in petrol and diesel prices. The decision, effective immediately, comes after a series of consultations between various stakeholders.
Details of the Price Reduction
The government has announced a reduction of Rs. 2 per liter in both petrol and diesel prices. This brings the retail price of petrol in major cities to around Rs. 95 per liter and diesel to approximately Rs. 89 per liter.
Rationale Behind the Decision
Petroleum Minister Hardeep Singh Puri attributed the decision to Prime Minister Narendra Modi's commitment to the welfare and convenience of Indian citizens. He emphasized that despite facing a major oil crisis in recent years, the government has prioritized providing relief to the general public.
Expected Impact
The price reduction is expected to benefit millions of Indian households and businesses. It is anticipated to reduce transportation costs, stimulate economic activity, and provide some respite from the rising cost of living.
Past Events Related to Fuel Prices
This is not the first time the Indian government has reduced fuel prices. In March 2020, it slashed petrol and diesel prices by Rs. 3 per liter in response to a fall in global crude oil prices. However, prices have gradually increased since then due to various factors, including the Russia-Ukraine conflict.
Top 5 FAQs
1. Why has the government decided to reduce fuel prices now?
2. How much has the government reduced fuel prices by?
3. Will the price reduction be permanent?
4. What are the expected benefits of the fuel price reduction?
5. Has the government taken any other measures to address fuel prices in the past?
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