Impending Price Drop: Significant Relief Expected for Petrol and Diesel Prices in India Ahead of 2024 Elections

Significant Price Drop in Petrol and Diesel Expected Before 2024 Lok Sabha Elections

In an anticipated move ahead of the crucial 2024 Lok Sabha elections, India might witness a substantial drop in petrol and diesel prices. Reports indicate that the Union Finance Ministry is on the verge of approving a price cut of approximately ₹10 per litre for both fuels, offering respite to consumers nationwide.

The last noteworthy reduction in petrol and diesel prices occurred nearly two years ago, marked by a decrease in Central Excise Policy by ₹8 and ₹6, respectively. Since then, prices have remained stagnant, causing financial strain on consumers as they vary significantly from state to state due to varying taxes and cess imposed by state governments.

Presently, in Delhi, a litre of petrol stands at ₹96.71, while diesel is priced at ₹89.62 per litre. In contrast, Mumbai witnesses higher rates with petrol at ₹106.31 and diesel at ₹92.78 per litre. Notably, several states have seen petrol prices soar past the ₹100 mark, with market fluctuations due to the Covid pandemic and the Russia-Ukraine conflict significantly impacting global crude oil prices.

Also Check : India’s Economy Surges Beyond $4 Trillion GDP Mark, Poised to Become Fourth Global Economic Powerhouse

However, recent trends indicate a promising downturn in global crude prices, paving the way for potential relief in the domestic Indian market. According to a Reuters report, oil prices are expected to close 2023 with a decrease of approximately 10%, marking the first annual decline in two years. Brent crude futures concluded the year at $77.63, reflecting this downward trend despite production cuts implemented by numerous oil-producing nations worldwide.

This impending price cut holds significance for consumers and the political landscape, aligning with the upcoming elections. As the country gears up for the Lok Sabha elections in April and May of 2024, a notable reduction in fuel prices could significantly impact public sentiment.

The awaited nod from the Union Finance Ministry is poised to bring relief to the common populace, potentially easing the burden of rising fuel costs. Stay tuned for updates as India braces for a possible shift in petrol and diesel prices, providing a much-needed reprieve for consumers nationwide.