Petrol and diesel prices were slashed nationwide on Thursday, which was a huge relief for the public as well as the transport industry.
In a post on its X account, the Ministry of Petroleum and Natural Gas stated, “Oil Marketing Companies (OMCs) have notified that they have updated petrol and diesel prices nationwide. The new rates would go into effect at 6:00 AM on March 15, 2024.
It went on to say, “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.”
Based on the Ministry’s shared graphs, the current price of petrol in Delhi is Rs 94.72 per litre, while the current price of diesel is Rs 87.62 per litre, compared to Rs 89.72.
In Mumbai, a litre of petrol will now cost Rs 104.21 instead of Rs 106.31, and a litre of diesel will cost Rs 92.15 instead of Rs 94.27.
Similarly, in Chennai, petrol will cost Rs 100.75 against the current price of Rs 102.63, and diesel will cost Rs 92.34 against Rs 94.24. In Kolkata, petrol will cost Rs 103.94 per litre against Rs 106.03 and diesel, Rs 90.76 against Rs 92.76.
According to the Ministry, lower petrol and diesel prices will increase consumer spending and lower operating costs for over 58 lakh diesel-powered heavy goods vehicles, 6 crore cars and 27 crore two-wheelers.
Additionally, the measure will benefit the public by increasing disposable income, boosting the travel and tourism industries, controlling inflation, boosting consumer confidence and spending, lowering costs for transportation-dependent businesses, improving the profitability of the manufacturing, logistics, and retail sectors, and lowering farmers’ expenses related to tractor operations and pump sets.
