It has been quite some time that the petrol and diesel prices have not seen a change in the country. Well, it’s election season which means commodities like fuel are going to get cheaper.
How much cheaper?
The Ministry of Petroleum and Natural Gas made an announcement on X (Twitter) that the prices of petrol and diesel have been reduced by ₹2 per litre. The price drop has been attributed to the reduction of excise duty on the fuels. According to the tweet, 58 lakh heavy vehicles, 6 crore cars, and 27 crore two-wheelers will benefit from the reduction.
This is the first price reduction coming after almost two years. The last time we saw a price cut was in May 2022.
Petrol and Diesel Prices in Major Cities
Here is a glimpse of what the prices are as on March 15 in Metro cities:
| City | Old Petrol Price (₹/Litre) | New Petrol Price (₹/Litre) | Old Diesel Price (₹/Litre) | New Diesel Price (₹/Litre) |
| New Delhi | 96.72 | 94.72 | 89.62 | 87.62 |
| Mumbai | 106.31 | 104.21 | 94.27 | 92.15 |
| Kolkata | 106.03 | 103.94 | 92.76 | 90.76 |
| Chennai | 102.63 | 100.75 | 94.24 | 92.34 |
Lok Sabha Election Effect?
We have observed this pattern earlier and can safely attribute the price cut to the upcoming Lok Sabha election. The announcement came in just hours before the 2024 Lok Sabha Election ‘Model Code of Conduct’ session was to be held. We can expect further reduction as the dates for the elections approach. Whatever the reason might be, this move will give citizens a respite from the high fuel prices even if it is temporary.