In a major relief for people and the transport sector, petrol and diesel prices were slashed across the country on Thursday.
The Ministry of Petroleum and Natural Gas in a post on its X handle said, "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."
It further added, "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."
According to graphs shared by the Ministry, petrol will now cost Rs 94.72 per litre in Delhi, against the present price of Rs 96.72 per litre, and diesel will cost Rs 87.62 against Rs 89.72.
In Mumbai, petrol will now sell for Rs 104.21 per litre, against Rs 106.31, and diesel for Rs 92.15 against Rs 94.27.
Similarly, in Kolkata, petrol will cost Rs 103.94 per litre against Rs 106.03 and diesel, Rs 90.76 against Rs 92.76, and in Chennai, petrol will cost Rs 100.75, against the present price of Rs 102.63, and diesel, Rs 92.34 against Rs 94.24.
The Ministry also said that the 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 measure will also benefit the citizens through more disposable income, boost tourism and travel industries, control inflation, lead to increased consumer confidence and spending, reduce expenses for businesses dependent on transportation, lead to enhanced profitability for logistics, manufacturing, and retail sectors, and reduced outgo for farmers on tractor operations & pump sets, it added.
The ministry expected that reduced petrol and diesel prices will benefit the citizens in multiple ways. It will be helpful in ensuring more disposable income and will boost tourism and travel industries.
Moreover, after the fall in fuel prices, inflation will be controlled and it will increase consumers' confidence and spending, the ministry said.
"The reduced prices of fuels will see a fall in the expenses for businesses dependent on transportation. It will come in handy in enhancing profitability for logistics, manufacturing, and retail sectors, apart from decreasing outgo for farmers on tractor operations and pump sets," the ministry statement read.
(With Agency inputs)