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NEW DELHI : State-run oil marketing companies (OMCs) have decided to cut the price of petrol and diesel by around ₹2 per litre with effect from 6am on Friday.
With the revision in prices, petrol will be sold at ₹94.72 per litre in the national capital, against the current price of ₹96.72. Similarly, in other metro cities of Mumbai, Kolkata and Chennai, the fuel will be sold for ₹104.21, ₹103.94 and ₹100.75 starting Friday, with a cut of ₹2.10, ₹2.09 and ₹1.88 per litre, respectively. The current prices stand at ₹106.31, ₹106.03 and ₹102.63 per litre, respectively.
Taking to social media platform X (formerly Twitter), the union ministry of petroleum and natural gas said on Thursday that OMCs have informed the ministry of the revision in prices across the country.
The price chart shared by the ministry in its tweet showed that diesel will be sold at ₹87.62, ₹92.15, ₹90.76, ₹92.34 per litre, respectively, in Delhi, Mumbai, Kolkata and Chennai with a reduction of ₹2, ₹2.12, ₹2 and ₹1.9 per litre.
The price cut comes just ahead of the likely announcement of the poll dates for the upcoming general elections by the Election Commission of India.
The petroleum ministry in its tweet said: “Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 5.8 million heavy goods vehicles running on diesel, 60 million cars and 270 million two-wheelers.”
It also said the reduced petrol and diesel prices will benefit the citizens as it would increase their disposable income, boost tourism and travel industries, control inflation, and reduce the outgo for farmers on tractor operations and pump sets, among others.
There has been anticipation of a price cut in the past few months. On 12 March, Mint reported that petrol pumps are running on minimum required stock amid anticipation of a fuel price cut.
OMCs are meant to determine the retail fuel prices on a daily basis under the dynamic pricing mechanism based on international crude prices. However, prices have remained unchanged since May 2022 after the government announced an excise duty cut on both fuels.
The announcement is among a number relief measures taken by the government in the past few days ahead of the model code of conduct kicking in for the Lok Sabha polls.
Just a week back, the government announced a cut of ₹100 in domestic cooking gas prices and also extended the ₹300 subsidy for LPG cylinders for beneficiaries under the Pradhan Mantri Ujjwala Yojana for the upcoming fiscal (FY25) with an outgo of ₹12,000 crore.
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Published: 14 Mar 2024, 10:47 PM IST
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