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“Government Plans Major Fuel Price Cuts Ahead of 2024 Lok Sabha Elections”

The Indian government is reportedly considering a significant reduction in petrol and diesel prices ahead of the 2024 Lok Sabha elections. This anticipated reduction in fuel prices might range from ₹4 to ₹6 per litre, with a potential to reach up to ₹10 per litre. The current scenario shows petrol and diesel prices standing at ₹96.71 and ₹89.62 respectively in Delhi, with even higher prices in cities like Mumbai and Bengaluru.

This move by the government comes nearly two years after the Centre’s decision to cut the Central Excise Policy by ₹8 and ₹6 respectively for petrol and diesel. A key factor influencing this proposed reduction is the decline in crude oil prices in the international market, which are currently trading between $70 to $80 per barrel.

The Union government had previously reduced the Central Excise duty on petrol and diesel by a total of ₹13 and ₹16 per litre respectively, in two phases. The anticipated fuel price cut is expected to dampen retail inflation, which rose to 5.55% in November. These ministries hold discussions every fortnight on fuel prices and have recently submitted options to the Prime Minister’s Office regarding potential price cuts.

This potential reduction in petrol and diesel prices marks a significant development in India’s economic landscape, reflecting the government’s responsiveness to international market trends and its commitment to providing relief to consumers.

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