The Union ministry of Petroleum and Natural Gas (MoPNG) announced a reduction in the prices of petrol and diesel were by Rs 2 per litre on Thursday, March 14.
The revised prices will be effective starting from 6 am on Friday, March 15, it further said.
“Oil Marketing Companies (OMCs) have informed us 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 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers,” the ministry said in a post on X.
The ministry further said that reduced petrol & diesel prices will benefit the citizens through:
- More disposable income
- Boost for tourism and travel industries.
- Control over inflation Increased consumer confidence and spending
- Reduced expenses for businesses dependent on transportation
- Enhanced profitability for logistics, manufacturing, and retail sectors
- Reduced outgo for farmers on tractor operations & pump sets.
Petrol in the national capital will now cost Rs 94.72 a litre compared to Rs 96.72 per litre currently, and diesel will come for Rs 87.62 against Rs 89.62 at present.
The development comes very close to the announcement of the election notification by the Election Commission of India for the upcoming Lok Sabha polls across the country.
