Petrol, Diesel Prices Slashed In India By Rs 2 Per Litre

The Union Ministry of Petroleum and Natural Gas has cut prices of petrol and diesel nationwide, by Rs 2 per litre, effective 6:00 am on March 15. The announcement, made by Union Minister Hardeep Singh Puri via social media, addresses a long-overdue adjustment since the most recent reduction in July 2022, which saw a decrease in prices following a peak.

The ministry anticipates the reduction in fuel prices will stimulate consumer spending and alleviate operational expenses for a substantial number of vehicles reliant on diesel, including over 58 lakh heavy goods vehicles, 6 crore cars, and 27 crore two-wheelers. Additionally, recent reductions in compressed natural gas (CNG) prices by Indraprastha Gas Ltd. and Mahanagar Gas further complement these measures, amounting to a decrease of Rs 2.50 per kg.

Also Read: India’s New EV Policy Introduces Conditional Import Duty Reduction; Set To Benefit Tesla, Vinfast

According to data provided by the Ministry, the revised prices indicate that in Delhi, petrol will now be priced at Rs 94.72 per litre compared to the previous Rs 96.72 per litre, while diesel will be priced at Rs 87.62 per litre as opposed to Rs 89.72. In Mumbai, petrol prices will stand at Rs 104.21 per litre, down from Rs 106.31, and diesel prices will stand at Rs 92.15 per litre, down from Rs 94.27.