Fuel prices in India might be significantly lowered before the Lok Sabha elections in 2024. The finance ministry awaits the final nod.
Prepare for a massive New Year's bonus. Prime Minister Narendra Modi is working on significant price reductions for petrol and diesel that might be announced before the end of the year, with the general elections scheduled for the first half of 2024. These reductions could amount to as much as Rs 10 per litre.
This action is anticipated to occur before to the April and May 2024 Lok Sabha elections.
According to reports, the Petroleum Ministry has drafted a proposal which incorporates the cuts ranging from Rs 8 to 10 per litre in petrol and diesel for PM Modi's approval which could come on Thursday.
Both petrol and diesel prices may drop by ₹10. This action is being taken almost two years after the Center resolved to lower gasoline and diesel prices by ₹8 and ₹6, respectively by reducing the Central Excise duty on both fuels.
The price of crude oil is currently declining on the global market, which will be taken into account when lowering fuel costs in India.
Currently, the cost of petrol and diesel in Delhi is ₹96.71 and ₹89.62, respectively, although in some big cities, such as Mumbai and Bengaluru, the fuel prices are significantly higher than ₹100.
In several major metropolises in India, the cost of petrol and diesel has surpassed ₹110. This is primarily because of market swings brought on by the COVID-19 epidemic and the Russia-Ukraine war, which have raised the price of crude oil.
How to check petrol and diesel prices?
Customers may quickly check the cost of petrol and diesel in their cities. All you have to do is send an SMS. Send dealer code to 9223112222 for BPCL customers and HPPRICE to 9222201122 for HPCL customers. However, if you are an Indian Oil client, you can send a message with the words RSP to the number 9224992249. After that, you will shortly receive information regarding the most recent pricing.
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 "New Year bonanza! Centre may reduce petrol, diesel prices by this much, check latest fuel rates of you city")
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