The government has chosen to lower the price of petrol and diesel by ₹2 per litre, aiding the public ahead of the Lok Sabha elections that are anticipated to take place in May.
In a post on X, the Ministry of Petroleum and Natural Gas stated that Oil Marketing Companies (OMCs) have notified the public that they have updated petrol and diesel prices nationwide. New rates have taken into effect at 6 in the morning on March 15, 2024. Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated that Prime Minister Narendra Modi has once again demonstrated that his family’s welfare and convenience, the welfare of crores of Indians has always been his priority by slashing the price of petrol and diesel by ₹2 per litre.
The amount of fuel prices drop may differ from city to city. According to the Petroleum Ministry in Delhi, diesel will now be supplied for ₹87.62/l instead of the existing price of ₹89.62/l. In the meanwhile, petrol in the nation’s capital will now only cost ₹94.72 per litre instead of ₹96.72. Lower costs for petrol and diesel will help the citizens by increasing disposable income, stimulating the travel and tourism sector, and control over inflation.
According to the government, the decision made will boost consumer confidence and spending, lower costs for companies that rely on transportation, raise profitability for the manufacturing, logistics, and retail industries, and lower farmers’ expenses for tractor operations and pump sets.
