Petrol And Diesel Prices Slashed By Rs 2 per Litre

Petrol and diesel prices in India have been reduced by ₹2/litre and the new price is effective from March 15, 6 AM onwards. This price reduction was announced by the Ministry of Petroleum and Natural Gas via X (previously known as Twitter). This is the first instance since May 2022 that prices of fuels have been reduced after the government announced that there will be excise duty reduction on both fuels. 

The tweet by the ministry further mentioned that this price reduction is slated to reduce operating costs of “58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers.” 

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Check the table below for the prices of petrol and diesel in the following metropolitan cities:

Interestingly, the announcement of this fuel price reduction comes just hours before of ‘Model Code Of Conduct’ kicks in for the 2024 Lok Sabha elections. Earlier, the Rajasthan government had also announced a 2 per cent reduction in VAT on petrol and diesel. 

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With this price reduction, the Ministry further highlighted that citizens will benefit from more disposable income, and reduced outgo for farmers on tractor operations and pump sets. Along with reduced expenses for businesses dependent on transportation, and increased consumer confidence and spending.