Petrol, Diesel Prices May Drop Significantly Post Budget 2026: Key Decisions Expected

• Union Finance Minister Nirmala Sitharaman to present Union Budget 2026 on February 1, 2026, a Sunday, for the first time.
• The budget, focused on 'Viksit Bharat', aims for economic growth, social equality, and job creation amidst global uncertainties.
• Expectations are high for tax reforms, with petrol and diesel potentially coming under GST to reduce the 50-60% tax burden.
• If fuel is included in the 5% GST slab, prices could drop significantly, though revenue shortfall for government is a concern.
• Analysts predict the government will prioritize inflation control, possibly leading to lower fuel prices and increased incentives for domestic oil production and clean energy.

Why It Matters: Budget 2026 may bring significant petrol and diesel price reductions if fuel is brought under GST.