Oil marketing companies (OMCs) on Thursday cut prices of diesel and petrol by ₹2 per litre each across the country, the first revision by the companies since April 6, 2022.
The last reduction in the prices of auto fuels was through a cut in excise duty in November 2022.
“OMCs have informed that they have revised petrol and diesel prices across the country. New prices would be effective from March 15, 2024, 06:00 AM. 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 Ministry of Petroleum and Natural Gas (MoPNG) said.
The reduced prices of petrol and diesel will not only help in taming inflation, but also benefit the citizens through more disposable income, boost tourism and reduce farmers’ expenditure on tractor operations as well as pump sets, the ministry added.
Welcoming the development, Oil Minister HS Puri, said, “The government has ensured availability, affordability and sustainability with respect to ensuring energy security.