In a move welcomed by consumers, the Union Ministry of Petroleum and Natural Gas has announced a significant reduction in the prices of petrol and diesel by Rs 2 per litre. The revised prices will take effect from 6 am on Friday, March 15, 2024, according to the Ministry’s statement.
Oil Marketing Companies (OMCs) have confirmed the price adjustment, signaling a nationwide reduction in petrol and diesel rates. This decision is expected to have a positive impact on consumer spending and alleviate operating costs for millions of vehicles across various segments.
The Ministry highlighted several benefits of the reduced prices for citizens, including increased disposable income, a boost for tourism and travel industries, control over inflation, enhanced consumer confidence and spending, reduced expenses for transportation-dependent businesses, and improved profitability for sectors such as logistics, manufacturing, and retail. Additionally, farmers are expected to benefit from lower costs associated with tractor operations and pump sets.
Following the price revision, petrol in Hyderabad will cost Rs 107.66 per litre, down from the current Rs 109.66 per litre, while diesel will be priced at Rs 95.82 per litre, compared to the present Rs 97.82 per litre.
The announcement comes amid the impending announcement of dates for the upcoming Lok Sabha polls by the Election Commission of India, adding another dimension to the evolving economic and political landscape.
