Petrol, diesel prices drop by ₹2 per litre. Check fuel price in your city
- This is the first time since April 2022 that prices of petrol and diesel have been reduced.
The Centre has implemented reduction in petrol and diesel prices for the first time in almost two years. On Thursday, the government announced decision to drop petrol and diesel prices by ₹2 per litre. The new fuel price has come into effect from today (March 15). The decision to reduce fuel prices comes just before the announcement of Lok Sabha Election dates which is expected to be held in May.
The petrol and diesel price cut was announced by the government through social media platform X, formerly Twitter. The Ministry of Petroleum and Natural Gas shared that the oil companies have revised the fuel prices for the first time since April 6, 2022. The ministry said that the decision will help to ‘reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers’.
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Petrol, diesel prices: Check new rates in Delhi, Mumbai, Chennai, Kolkata
According to the latest revision, petrol price in Delhi has now come down to ₹ ₹94.72 per litre. Meanwhile price of diesel has also dropped to ₹87.62 per litre. Petrol price in Mumbai from today is ₹104.21 per litre and diesel will cost ₹92.15. In Chennai, petrol price has been reduced to ₹100.75 per litre while a litre of diesel will cost ₹92.34. Petrol will now cost ₹103.94 per litre in Kolkata while diesel price in the city has come down to ₹90.76 per litre.
Petrol and diesel prices usually differ from state to state. The overall price depends on sales tax and Value-Added Tax (VAT). The Rajasthan government on Thursday also decided to reduce VAT on petrol and diesel by two per cent. The decision is aimed to standardise rates of petrol and diesel across all districts. According to the state government, reduction in VAT will bring down price of petrol by up to ₹5.30 per litre and price of diesel by up to ₹4.85 per litre.
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Petrol, diesel price hike and price cut: Background
Three of India's largest oil companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) had not revised the price of petrol and diesel prices for the longest period since daily revision of fuel prices began. The prices had hit an all-time high by November 2021 during the Covid-19 pandemic. In 2022, the Russia-Ukraine war led to another set of price hike of petrol and diesel. However, on both occasions, the Centre reduced tax on both fuels to bring down the prices.
