Indian Fuel Retailers Cut Diesel and Petrol Prices By Rs 2 Per Litre
The fuel price reductions come days ahead of the expected announcement of the schedule of Lok Sabha elections
Oil marketing companies will cut petrol and diesel prices by Rs 2 per litre from Friday, weeks before voters head to polls in the general election.
OMCs have informed that they have revised petrol and diesel prices across the country and the new prices will be effective on March 15, 2024, the Ministry of Petroleum and Natural Gas said in a post on X.
"Reductions in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, six crore cars and 27 crore two-wheelers," it said.
Petrol prices in New Delhi is cut from Rs 96.72 to Rs 94.72 per litre, while in Mumbai it will be cut from Rs 106.31 to 104.21 per litre. Meanwhile, Diesel prices in the national capital will be cut to Rs 87.62, and the prices in Mumbai to Rs 92.15 per litre.
The reduction in fuel prices comes days ahead of the expected announcement of the schedule of Lok Sabha elections, due in April and May.
Petroleum and Natural Gas Minister Hardeep Singh Puri said on Wednesday that prices of petroleum products have come down in India when the global energy market is in turmoil.
Speaking at the Viksit Bharat programme, Singh said that there has been turmoil in the global energy markets, PTI reported. "In India, prices of petrol and diesel have come down over the last two years. Prices increased in other countries like Pakistan, Sri Lanka and even in advanced countries," he said at the event.
Brent crude oil prices were trading 1.69% higher at $85.45 as of 10:30 p.m. IST, while Nymex was trading 2.08% higher. Year-to-date, Brent crude and WTI crude have risen by 12.7% and 15.8%, respectively.
Puri said that India will continue to import crude from sources that are cheap, as 85% of petro-products are imported.
With the decision to slash prices, oil marketing companies like Indian Oil Corp., Hindustan Petroleum Corp., and Bharat Petroleum Corp. will be in focus in the trading session on Friday.