Petrol, diesel prices cut by Rs 2 per litre

New Delhi: Petrol and diesel prices were cut by Rs 2 per litre each as state-owned oil companies ended a nearly two-year-long hiatus in rate revision, just hours before the general election schedule is announced.

The revised price will be applicable from 6 am on Friday, March 15, the oil ministry said on Thursday evening.

Petrol in the national capital will now cost Rs 94.72 a litre compared to Rs 96.72 per litre currently while diesel prices will be Rs 87.62 against Rs 89.62 at present.

The government had nearly a decade back freed petrol and diesel prices from its control and the rates till now were fixed and announced by oil companies.

But on Thursday, the Ministry of Petroleum and Natural Gas took to X to announce the rate revision that came just hours before the schedule for the general elections was due to be announced that would set in motion a poll code, which bars making announcements that could lure voters. The price cut came a week after a Rs 100 per cylinder reduction in cooking gas LPG price was announced. That reduction brought down the rates of LPG for common users to Rs 803 per 14.2-kg cylinder and that for the poor, who got free connections under the Ujjwala scheme, to Rs 503 after accounting for Rs 300 per bottle subsidy that the government gives.

“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,” the ministry said.

Petrol in Mumbai will cost Rs 104.21 a litre from Friday, Rs 103.94 in Kolkata and Rs 100.75 in Chennai. A litre of diesel will be priced at Rs 92.15 in Mumbai, Rs 90.76 in Kolkata and Rs 92.34 in Chennai.

Rates differ from state to state, depending on the incidence of local taxes.