Petrol and Diesel prices slashed; fuel prices to be Rs 2 cheaper
By Team Asianet Newsable | First Published Mar 14, 2024, 10:03 PM ISTThe Ministry of Petroleum and Natural Gas announced a reduction of Rs 2 per litre in petrol and diesel prices nationwide, effective from 6 am on Friday, March 15.
The Ministry of Petroleum and Natural Gas announced a reduction of Rs 2 per litre in petrol and diesel prices nationwide, effective from 6 am on Friday, March 15.
In the national capital, petrol prices will drop to Rs 94.72 per litre from the current Rs 96.72, while diesel prices will decrease to Rs 87.62 per litre from Rs 89.62. This reduction is expected to positively impact consumer spending and decrease operating expenses for a significant number of vehicles, including over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel, according to the oil ministry.
Oil Marketing Companies (OMCs) have informed that they have revised Petrol and Diesel Prices across the country. New prices would be effective from 15th March 2024, 06:00 AM.
Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over… pic.twitter.com/FlUSdtg2Vi
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As per the Ministry of Petroleum and Natural Gas, the lowered prices of petrol and diesel will offer various advantages to citizens, including:
- Increased disposable income.
- Stimulus for tourism and travel sectors.
- Management of inflation.
- Heightened consumer confidence and expenditure.
- Decreased costs for transportation-dependent businesses.
- Improved profitability for logistics, manufacturing, and retail industries.
- Lowered expenses for farmers on tractor operations and pump sets.
On Thursday, Union Petroleum Minister Hardeep Singh Puri declared the first nationwide adjustment to fuel prices since May 2022.
"In reducing petrol and diesel rates by Rs 2 per litre, Prime Minister Narendra Modi has once again demonstrated his commitment to enhancing the well-being and convenience of millions of Indians," Puri expressed in an extensive post on X (formerly Twitter).
Fuel prices in India have remained stagnant since May 2022, despite corrections in crude oil prices. Traditionally, Indian Oil Corporation Ltd (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) adjust retail petrol and diesel prices daily, relying on the rolling average of international benchmark prices over the previous 15 days.
Similarly, Prime Minister Narendra Modi announced a reduction of Rs 100 in the price of 14.2 kg LPG cylinders on March 8, coinciding with International Women's Day.
Last week, Petroleum and Natural Gas Minister Hardeep Singh Puri suggested that a reduction in domestic fuel prices could be contemplated once international crude oil prices stabilize. The minister noted that OMCs continue to experience under-recovery in diesel sales. Presently, crude oil prices hover around $80 per barrel, down from the peak of $140 per barrel in March 2022.
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