Petrol, Diesel Prices Cut As Election Dates Are Expected Soon
In a move aimed at providing relief to consumers ahead of the impending Lok Sabha elections, the Centre has announced a reduction in petrol and diesel prices by ₹2 per litre. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, made the announcement on Thursday, stating that the revised prices would come into effect from March 15 at 6 am. According to political observers, following the inauguration spree by Prime Minister Narendra Modi and fuel price cut, the Election Commission of India may announce the Lok Sabha election dates either on March 15 (Friday) or on March 16 (Saturday).
Observers also see that the hurried announcement of former IAS officers Sukhbir Singh Sandhu and Gyanesh Kumar as election commissioners by a panel led by Prime Minister Modi is also another hint on the impending election dates announcement.
“This reduction in petrol and diesel prices reflects the commitment of our Prime Minister, Narendra Modi, towards the welfare and convenience of millions of Indians,” remarked Minister Puri.
The decision to lower fuel prices is expected to have a widespread impact across various sectors. The Ministry of Petroleum and Natural Gas highlighted that over 58 lakh heavy goods vehicles running on diesel, 6 crore cars, and 27 crore two-wheelers will benefit from reduced operating costs.
Furthermore, the Ministry outlined several advantages that the public can anticipate from the price reduction:
More disposable income will be available to consumers due to lower fuel expenses, potentially stimulating spending in other sectors. Additionally, lower fuel costs could encourage more people to travel, benefiting the tourism and hospitality sectors.
Reduced transportation costs can help in stabilizing prices of goods and services, thus contributing to controlling inflation. Moreover, lower fuel prices often translate to greater confidence among consumers, leading to increased spending.
Industries relying heavily on transportation, such as logistics, manufacturing, and retail, are expected to see reduced operational costs. This can potentially improve the profitability of sectors dependent on transportation and energy.
Farmers, who heavily rely on diesel for tractor operations and pump sets, will benefit from reduced expenses.
The announcement of fuel price reduction comes at a crucial time as the nation gears up for the Lok Sabha elections. With election dates expected to be announced soon, the move is seen as an effort to alleviate economic burdens on citizens and garner support ahead of the polls.
