The Ministry announced that Oil Marketing Companies (OMCs) have adjusted the prices of petrol and diesel nationwide. The revised prices will come into effect from 6:00 AM on March 15, 2024, according to a statement posted on X by the Ministry.
Following the implementation of the price revision, petrol prices in the national capital are slated to decrease to ₹94.72 per litre from the previous ₹96.72 per litre. Similarly, prices in Mumbai, Kolkata, and Chennai are anticipated to decline to ₹104.21 per litre, ₹103.94 per litre, and ₹100.75 per litre, respectively. On the other hand, diesel prices are expected to reduce to ₹87.62 per litre in the national capital, while Mumbai, Kolkata, and Chennai will experience decreases to ₹92.15 per litre, ₹90.76 per litre, and ₹92.34 per litre, respectively.
Speaking about the price cut, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, praised Prime Minister Narendra Modi for his leadership in stabilising fuel prices in India. Puri highlighted that India was the only country where the prices of petrol and diesel did not increase but decreased in the last two years.
The minister praised the country’s esteemed Prime Minister Modi for his decision to decrease petrol and diesel prices by ₹2, effective from March 15 at 6 am. The minister emphasised that Prime Minister Modi’s action underscores his unwavering commitment to the well-being and convenience of millions of Indian citizens.
After nearly two years of remaining unchanged since April 6, 2022, there was finally a shift in auto fuel rates.Recent reports hinted at an upcoming reduction in automobile fuel prices following a decrease of ₹2.50 per kg in CNG rates across regions like Bengaluru, Patna, Ranchi, and the Taj Trapezium Zone. This adjustment in consumer prices coincided with Prime Minister Narendra Modi’s announcement on March 8, where he reduced the price of cooking gas by ₹100 per cylinder as a gesture to 320 million households on International Women’s Day.
The oil ministry highlighted that the decrease in petrol and diesel prices will have a positive impact on various aspects of the economy. It stated that the reduction will lead to increased consumer spending and decreased operating expenses for over 58 lakh heavy goods vehicles fueled by diesel, as well as benefiting 6 crore cars and 27 crore two-wheelers. The ministry emphasised that the lowered fuel prices will result in enhanced disposable income for citizens, contribute to controlling inflation, reduce input expenses for farmers, promote tourism, and improve profitability for sectors such as logistics, manufacturing, and retail.
In India’s financial capital, Mumbai, where VAT and other taxes make fuel more costly than in Delhi, the ministry has reduced the price by ₹ 2.10/L. The current Petrol price in Mumbai is Rs106.31/L and the effective price would be ₹ 104.21/L. The per litre cost of Diesel in Mumbai is ₹ 94.27, the effective price from tomorrow would be ₹ 92.15/L.
In Kolkata, the petrol price has been reduced by ₹ 2.09/L. Meanwhile, in Chennai, the effective reduction would be ₹ 1.88/Litre.
