Petrol and diesel costs will drop by two rupees starting March 15 at 6 a.m., just two days before the Lok Sabha elections, according to the Central Government. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri said that Prime Minister Modi did this because he cares about the people of India. He talked about how fuel prices in India are different from those in other countries and showed that India's prices are usually lower.
Fuel price dynamics
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri said in January that fuel costs would not go down because of how volatile crude was, putting an end to rumours in the media. India's steady fuel supply, low prices, and attempts to be environmentally friendly, such as a move towards green energy, were emphasised by the ministry. Millions of vehicles across the country are likely to benefit from the reduction in fuel prices and lower operating costs.
City-wise price changes
- Delhi: Diesel prices decrease from ₹89.62/L to ₹87.62/L, and petrol prices drop from ₹96.72/L to ₹94.72/L.
- Mumbai: Petrol prices decrease from ₹106.31/L to ₹104.21/L.
- Kolkata: Petrol prices decrease by ₹2.09/L.
- Chennai: Petrol prices decrease by ₹1.88/L.
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
Impact on Consumers and the Economy
The reduction in fuel prices is expected to have a positive impact on consumer spending and operating costs for vehicles. This move is likely to benefit over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers running on diesel. The ministry's decision aims to provide relief to the public and stimulate economic activity.
The economy is anticipated to grow as a result of the decision to reduce fuel prices, helping both consumers and companies. The government's choice is a reflection of its attempts to both promote economic expansion and respond to public concerns.
Image Source: Multiple Agencies
(Inputs from agencies)
© Copyright 2024. All Rights Reserved Powered by Vygr Media.
