Nationwide: Petrol Prices Drop by Rs 2

Confirms Oil Minister

In New Delhi, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, declared an Rs 2 decrease in petrol and diesel prices. The announcement precedes the Lok Sabha elections by several weeks.

Effective from 6 am on March 15th, the revised prices will come into effect. The minister stated, "Prime Minister Modi's decision to reduce petrol and diesel prices by Rs 2 showcases his commitment to the well-being and convenience of millions of Indians."

The minister added, "As of March 14, 2024, petrol in India averages Rs 94 per litre, whereas in Italy it's Rs 168.01, marking a 79% increase; in France it's Rs 166.87, a 78% increase; in Germany it's Rs 159.57, a 70% increase; and in Spain it's Rs 145.13, a 54% increase."

In January, Union Minister Hardeep Puri dismissed speculation in media reports by stating that fuel prices would not be reduced in the near future due to high crude volatility.

The ministry affirmed, "In India, the supply of fuel remained consistent, available at affordable prices, while our initiatives continued to progress towards green energy. Thus, India maintained Energy Availability, Affordability, and Sustainability."

The petroleum ministry highlighted that the reduction in petrol and diesel prices will stimulate consumer spending and lower operating expenses for over 58 lakh heavy goods vehicles reliant on diesel, 6 crore cars, and 27 crore two-wheelers.

NEW PRICE

The Petroleum Ministry announced that the reduction in petrol and diesel prices will vary across different cities. In Delhi, diesel, currently priced at Rs 89.62 per litre, will now be sold at Rs 87.62 per litre. Meanwhile, the cost of petrol per litre in the national capital, currently at Rs 96.72, will be reduced to Rs 94.72.

In Mumbai, India's financial capital, where taxes contribute to higher fuel costs compared to Delhi, the ministry has implemented a reduction of Rs 2.10 per litre. Presently, petrol is priced at Rs 106.31 per litre, and the new effective price will be Rs 104.21 per litre. Meanwhile, diesel, currently at Rs 94.27 per litre, will be reduced to an effective price of Rs 92.15 per litre starting tomorrow.

In Kolkata, the petrol price has been reduced by Rs 2.09 per litre, while in Chennai, the effective reduction will be Rs 1.88 per litre.