Petrol, diesel price cut by Rs 2

Union Minister for Petroleum and Natural Gas Hardeep Puri on Thursday announced that Centre has cut the prices for petrol and diesel across the country by Rs 2 per litre. The Ministry of Petroleum and Natural Gas released the revised prices on its official X account, announcing that the new fuel rates will come into effect across the country from 6 am on March 15. The ministry tweeted, “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 central government further said that the price cut in petrol and diesel rates will benefit the citizens of India in multiple ways, including a boost in travel and tourism sector; boost in disposable income; reduced outgo for farmers on tractors, and many more.

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

Hardeep Puri further said that the with the rate cuts, India has one of the lowest fuel prices as compared to other major European nations. “On March 14, 2024, in rupee terms, petrol in India is on average Rs 94 per litre but in Italy Rs168.01- i.e. 79% more; In France Rs166.87 i.e. 78% more; In Germany Rs159.57 i.e. 70% more and in Spain Rs145.13 i.e. 54% more,” he said. The price cut in fuel rates comes just a few days ahead of the announcement of the Lok Sabha elections.