Government reduces petrol, diesel price by Rs 2.50/litre

The growing prices of petrol and diesel are definitely a nuisance to the citizens of the country, there is little doubt that the increased prices have increased the burden on the citizens. As much as the Bharatiya Janata Party government would have liked to ease the burden off the shoulders of the citizens it could not do so as it had to pay the principal amount and almost 70,000 crore interest on the oil bonds issued by the earlier Congress government to clear up the Rs 1.44 lakh crore of the loan inherited due to the mismanagement of the Congress. However to provide some relief to the citizens of the country the central leadership of the Bharatiya Janata Party has instructed all BJP ruled states to cut prices of petrol and diesel by Rupees 2.50 by the evening of 4^th October. The Maharashtra government also decided to give additional relief of 2.50 litre on petrol to give a total benefit of 5 litre in the state of Maharashtra.

The two ministers after a lot of deliberation which is sure to have long term impacts on the fuel prices in the country decided to provide immediate relief by announcing a price cut of Rs 2.50 on both petrol and diesel. India still remains heavily dependent on the imports of crude oil and the rising international oil prices are having a huge impact on the increased fuel prices. Brent the benchmark for more than half the world’s oil is selling at a four year high of over US $ 84 per barrel. The falling value of the rupee, although it is temporary in nature adds further to the problem, the BJP government is surely going to take steps to counter these but short-term reliefs too were important. All the BJP ruled states have decided to go ahead with the price cuts and now the onus of proving that the other parties too are pro-citizens rests on them. Punjab, Odisha and other states which are ruled by parties like the Congress and BJD have yet to agree to the price cut extended by the central government.