Central Government slashed oil prices by Rs 2 per litre

by Psu Connect
Date: 15-03-24

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.

Central Government slashed oil prices by Rs 2 per litre

Oil Marketing Companies (OMCs) have informed that they have revised Petrol and Diesel Prices across the country. New prices would be effective from 15th March 2024, 06:00 AM.

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 benefits of a reduction in petrol and diesel prices are listed as follows:

1. More disposable income and Boost for tourism and travel industries.

2. Control over inflation along with an Increase in consumer confidence and spending.

3. Reduced expenses for businesses dependent on transportation.

4. Enhanced profitability for logistics, manufacturing, and retail sectors.

5. Reduced outgo for Farmers on tractor operations & pump sets.

Petrol prices as of Thursday evening before the price cut were at Rs 96.72 in Delhi, Rs 106.31 in Mumbai, Rs 106.03 in Kolkata, and Rs 102.63 in Chennai. Diesel prices were at Rs 89.62 in Delhi, Rs 94.27 in Mumbai, Rs 92.76 in Kolkata and Rs 94.24 in Chennai.