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Diesel Prices reduced by Rs. 3.37 after 5 years

Diesel Prices reduced by Rs. 3.37 after 5 years

Snapshot: The Narendra Modi led NDA government has lower down the prices of diesel due to reduction in international crude prices.

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The Petroleum Ministry has finally reduced the diesel prices by Rs. 3.37 throughout the country; bringing a much needed smile on the faces of diesel car owners. It is more of a respiteful move as for the first time in the last 5 years, the diesel fuel has witnessed a reduction in price. The Narendra Modi led NDA government has lower down the prices of diesel due to reduction in international crude prices. 

The whole of the auto industry has welcomed this move from the government of India. In fact, several big-guns such as Maruti, Hyundai, Honda and Toyota has given a thumbs up to this move by the Petroleum Ministry. RC Bhargava, Chairman, Maruti Suzuki India (MSI) said "It is great that the government has been able to deregulate the diesel prices. Now the prices of petrol and diesel would move together and there won't be any distortion. It will help the auto manufacturers to plan for future products and investments in a better way." Commenting on this price deregulation, Rakesh Srivastava, Senior Vice President (Sales & Marketing), Hyundai Motor India Ltd, said "From a customer's point of view also, any clarity is also good for them to take decision as cost of ownership is one major deciding factor for acquisition of a new car. The price differential between petrol and diesel was artificial due to diesel being subsidised. If the difference were to stay between less than Rs 10 after this deregulation, then contribution of diesel vehicle on overall industry sales could be between 30-40 per cent."

Honda Cars India, Senior Vice President, Marketing and Sales, Jnaneswar Sen quipped, "Now customers can decide their car's fuel type depending on their user requirement. Moreover, this will help ease the fiscal deficit of the country." Renault India, CEO and MD, Sumit Sawhney said, "From the automobile industry perspective, the expectation is that government will continue to look at such pro-business policy intervention with a long-term view to positively impact the economy and directly benefit the consumer." Toyota Kirloskar Motor (TKM), Senior Vice President (Sales and Marketing), N Raja said, "This is good for the consumers as they can now decide the car type, based on their preference and utility. The auto industry is witnessing a positive momentum and this step will further add to the upswing of the industry."

Check our Spetember sales analysis, here.

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