Petrol and Diesel Price Today, 15 March: Check revised fuel rates in major cities

By Team Asianet Newsable | First Published Mar 15, 2024, 6:00 AM IST

Petrol and Diesel Price Today: The reduction varies across major cities, with the Petroleum Ministry anticipating positive effects on consumer spending and operational costs for vehicles

Following the central government's decision to reduce petrol and diesel prices by two rupees, the new rates came into effect on March 15 at 6 am. This reduction, which comes before the upcoming Lok Sabha elections, is expected to alleviate the burden on consumers.

The revised petrol prices in major cities are as follows:

Delhi: Reduced from Rs 96.72 to Rs 94.72
Mumbai: Decreased from Rs 106.31 to Rs 104.21
Kolkata: Dropped from Rs 106.3 to Rs 103.94
Chennai: Lowered from Rs 102.63 to Rs 100.75

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Similarly, the updated diesel rates are as follows:

Delhi: Reduced from Rs 89.62 to Rs 87.62
Mumbai: Decreased from Rs 94.27 to Rs 92.15
Kolkata: Dropped from Rs 92.76 to Rs 90.76
Chennai: Lowered from Rs 94.24 to Rs 92.34

The Petroleum Ministry anticipates that these price reductions will stimulate consumer spending and alleviate operational expenses for over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, commended Prime Minister Narendra Modi for this initiative, noting that fuel rates in India are considerably lower compared to other countries like Italy, France, Germany, and Spain, where prices are 50% to 79% higher.

Despite global fluctuations in crude oil prices, fuel prices in India have remained unchanged since May 2022. Prime Minister Modi's earlier announcement of reducing LPG cylinder prices by Rs 100 on March 8, coinciding with International Women's Day, also aimed at easing the financial burden on households.

Looking ahead, Petroleum and Natural Gas Minister Hardeep Singh Puri has suggested that adjustments to domestic fuel prices could be considered once international crude oil prices stabilize. However, OMCs are currently refraining from price adjustments to recover from previous losses incurred during a prolonged price freeze.

In May 2022, the central government reduced excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre to mitigate the impact on consumers. The 132-day price freeze in 2021-22 adversely affected OMCs, resulting in margin compression and reported losses. Although these companies have shown signs of profit recovery in recent quarters, they are maintaining unchanged prices to offset earlier losses despite the recent softening of crude oil prices.

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