In a significant relief for the general public, the Central government has announced a reduction in petrol and diesel prices across the country, just ahead of the Lok Sabha Elections 2024. The Union Ministry of Petroleum and Natural Gas conveyed this decision via the social media platform X (formerly known as Twitter) on March 14, following notifications from oil marketing companies (OMCs) regarding the revised prices nationwide.
This marks the first decrease in petrol and diesel prices since May 2022. Oil marketing companies have promptly updated the latest rates for petrol and diesel, with price adjustments occurring every morning at 6 am in India, as opposed to the previous bi-monthly revision system in place before June 2017.
The pricing of petrol and diesel in India is contingent upon various factors such as freight charges, value-added tax (VAT), and local taxes, leading to variations in rates across states.
Petrol and Diesel Price Adjustments:
- In Maharashtra, petrol prices have declined by 42 paise and diesel by 40 paise.
- Uttar Pradesh witnesses a reduction of 21 paise in both petrol and diesel prices.
- Rajasthan experiences a decrease of 17 paise in both petrol and diesel rates.
- However, Bihar sees an increase of 19 paise in petrol and 18 paise in diesel prices.
- Madhya Pradesh witnesses a rise of 11 paise in petrol and 10 paise in diesel rates.
- Chhattisgarh observes a notable reduction with petrol becoming cheaper by 50 paise and diesel by 49 paise.
- While petrol and diesel prices have decreased in Himachal Pradesh, Andhra Pradesh witnesses an increase in prices.
Following this adjustment, the price of petrol in the national capital stands at Rs 94.72 per liter, down from Rs 96.72, while diesel is priced at Rs 87.62 per liter, previously Rs 89.62. In Mumbai, petrol is now priced at Rs 104.21 per liter, Rs 103.94 in Kolkata, and Rs 100.75 in Chennai, with diesel priced at Rs 92.15, Rs 90.76, and Rs 92.34 per liter, respectively.
Additionally, the Rajasthan government has reduced VAT on fuel prices, contributing to the overall alleviation of petrol and diesel costs nationwide.
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