The revised price will be effective from March 15, 6 am.
The Centre reduced petrol and diesel prices by Rs 2, Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said on X. The announcement comes weeks ahead of the Lok Sabha elections.
The revised price will be effective from March 15, 6 am. "By reducing the prices of petrol and diesel by Rs 2, the country's illustrious Prime Minister Modi has once again proved that the welfare and convenience of his family of crores of Indians is always his goal," the minister said.
"On March 14, 2024, in rupee terms, petrol in India is on average Rs 94 per litre but in Italy Rs 168.01- i.e. 79% more; In France Rs 166.87 i.e. 78% more; In Germany Rs 159.57 i.e. 70% more and in Spain Rs 145.13 i.e. 54% more," he added.
In January, Union Minister Hardeep Puri said that fuel prices will not be cut in the near future as there is high crude volatility. Dismissing media reports as 'speculative'.
"The supply of fuel in India remained constant, remained at cheap prices and our steps also continued to move towards green energy. That is, India maintained Energy Availability, Affordability and Sustainability," the ministry said.
"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 petroleum ministry said.
New Price
The reduction in petrol and diesel prices will vary from city to city. The Petroleum Ministry said in Delhi that diesel is currently priced at Rs 89.62/L will now be sold at Rs 87.62/L. Meanwhile, the per litre cost of Petrol in the national capital is Rs 96.72 and will now be reduced to Rs 94.72.
In India's financial capital, Mumbai, where VAT and other taxes make fuel more costly than in Delhi, the ministry has reduced the price by Rs 2.10/L. The current Petrol price in Mumbai is Rs106.31/L and the effective price would be Rs 104.21/L. The per litre cost of Diesel in Mumbai is Rs 94.27, the effective price from tomorrow would be Rs 92.15/L.
In Kolkata, the petrol price has been reduced by Rs 2.09/L. Meanwhile, in Chennai, the effective reduction would be Rs 1.88/Litre.