State-owned oil companies have cut petrol and diesel prices by Rs 2 per litre each, marking the end of a nearly two-year hiatus in rate revision. The revised prices, effective from 6 am on Friday, March 15, were announced by the oil ministry, with petrol in the national capital now costing Rs 94.72 per litre and diesel priced at Rs 87.62 per litre.
This decision by the Ministry of Petroleum and Natural Gas to announce the rate revision came just hours before the general election schedule was due to be announced, setting in motion a poll code that bars making announcements that could influence voters. The move follows the recent reduction of Rs 100 per cylinder in cooking gas LPG prices, demonstrating the government’s efforts to mitigate the impact of rising fuel costs on consumers.
The reduction in petrol and diesel prices is expected to provide relief to consumers and businesses, particularly those reliant on transportation. It is also seen as a measure to stimulate consumer spending, boost tourism and travel industries, and control inflation. The decision comes after a period of volatile international oil prices, with the three state-owned fuel retailers – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) – freezing petrol and diesel prices for nearly two years to mitigate losses incurred during periods of high input costs.
Post Your Comments