The Petroleum Ministry has reportedly prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval that could come on Thursday.

New Delhi: The Modi government is planning to cut the prices of petrol and diesel by Rs 8 per liter, according to a Zee Business report quoting sources. The report further added that the announcement will be made before the calendar year ends. The Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval that could come on Thursday, Zee Business reported.

The Central Government earlier had informed that the petrol and diesel prices in India have come down between November 2021 and November 2023. The prices of the two fuels went up in the neighbouring as well as advanced western countries.

Government shared graphs showing that the price of petrol in India declined by 11.82 per cent and that of diesel fell by 8.94 per cent between November 2021 and November 2023. On the other hand, the price of petrol shot up by 54.32 per cent in neighbouring Sri Lanka and by 41.24 per cent in Pakistan. Prices of petrol were also higher in the US, Canada and the UK by 9.32 per cent, 7.3 per cent and 11.36 per cent respectively.

In the case of diesel, the price in Sri Lanka soared 110.24 per cent while in Pakistan it shot up by as much as 53.55 per cent. Diesel price rose by 27.59 per cent in the US, 9.92 per cent in the UK and by 11.36 per cent in Germany between November 2021- November 2023

“Facing the challenge of soaring crude oil prices, the Modi government has taken proactive measures to shield citizens from the economic impact. Through strategic planning and policy initiatives, the government has aimed to stabilize fuel prices, ensuring minimal impact on consumers,” the official statement said.

“The government actively protects common citizens from global oil price fluctuations. Through proactive measures, it prioritizes stability amidst volatility, ensuring minimal impact on the public. This commitment reflects a dedication to safeguarding citizens’ economic well-being against external market challenges,” the statement added.