Ministry of Petroleum announces reduction in fuel prices, emphasises that this reduction will catalyse potential economic growth for both consumers and businesses
The government has announced a reduction of Rs. 2 in petrol and diesel prices, effective March 15, 2024, at 6:00 a.m. on Friday. This decision, communicated by the Ministry of Petroleum and Natural Gas through a post on X, follows revisions by Oil Marketing Companies (OMCs) nationwide.
This move, coming just weeks before the Lok Sabha elections, will result in petrol prices in Delhi dropping to ₹94.72 per litre (from ₹96.72) and diesel prices to Rs. 87.62 per litre. Likewise, in Mumbai, the revised petrol rate will be Rs. 104.21 per litre (down from ₹106.31), accompanied by a reduction in diesel prices to Rs. 87.62 per litre.
“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 petroleum ministry post stated.
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
— Ministry of Petroleum and Natural Gas #MoPNG (@PetroleumMin) March 14, 2024
The post also mentioned that the reduction in petrol and diesel prices will have a positive impact on citizens by increasing their disposable income, fostering growth in the tourism and travel industries, helping to control inflation, boosting consumer confidence and spending, lowering expenses for transportation-dependent businesses, enhancing profitability in sectors such as logistics, manufacturing, and retail, and reducing costs for farmers engaged in tractor operations and pump sets.
Petroleum Minister Hardeep Singh Puri also shared his views on X, highlighting Prime Minister Narendra Modi’s commitment to the welfare and convenience of millions of Indians through this reduction in fuel prices.
