Petrol, diesel prices reduced by Rs 2 per litre ahead of Lok Sabha polls

NEW DELHI: In a relief to people ahead of the Lok Sabha polls expected to be held in April-May, the government has decided to cut the price of petrol and diesel by Rs 2 per litre.

The Ministry of Petroleum and Natural Gas said in a post on X that Oil Marketing Companies (OMCs) have informed that they have revised petrol and diesel prices across the country. New prices would be effective from March 15, 2024, 6 am.

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said in a post on X that by reducing prices of petrol and diesel by Rs 2 per litre, Prime Minister Narendra Modi “has again proved that the welfare and convenience of his family of crores of Indians has always been his aim”.

Ministry of Petroleum and Natural Gas said in its post that 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”.

It said reduced petrol and diesel prices will benefit the citizens through more disposable income, boost for tourism and travel industries and control over inflation.

The ministry said the decision will lead to increased consumer confidence and spending, reduced expenses for businesses dependent on transportation, enhanced profitability for logistics, manufacturing, and retail sectors and reduced outgo for farmers on tractor operations and pump sets.