New Delhi: After a two-year-long hiatus, state-run Oil Marketing Companies (OMCs) have revised the prices of petrol and diesel, reducing it by Rs 2 per litre with effect from March 15. The price revision will take effect from 6 am tomorrow. "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," said the Ministry of Petroleum and Natural Gas in a tweet late on Thursday night.
"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," said the government.
After the price revision takes effect, petrol will cost Rs 94.72/litre in Delhi, Rs 104.21/litre in Maharashtra and Rs 100.75/litre in Chennai. Kolkata is the only metropolitan city where petrol prices will get reduced by Rs 3 from Rs 106.03/litre to Rs 103.94/litre. On the other hand, diesel will cost Rs 87.62/litre in Delhi, Rs 92.15/litre in Mumbai, Rs 90.76/litre in Kolkata and Rs 92.34/litre in Chennai.
The fuel price cuts come close on the heels of the 2024 General Elections in India, with the model code of conduct expected to kick in from March 15. Welcoming the decision by OMCs to slash petrol and diesel prices, Minister for Petroleum and Natural Gas Hardeep Singh Puri wrote on Twitter, "By reducing the prices of petrol and diesel by Rs 2, the country's illustrious Prime Minister Shri Narendra Modi ji has once again proved that the welfare and convenience of his family of crores of Indians is always his goal."
"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," said the Petroleum Ministry. The OMCs had suspended daily price revision of petrol and diesel since May 2022 when crude oil prices hit record highs in the aftermath of Russia's invasion of Ukraine. The downward revision of fuel prices announced on Thursday marks the first revision in prices since May 2022.
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