Oil companies cut petrol, diesel prices by Rs 2 per litre across nation

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“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.

Local sales tax or VAT is the highest among metros in BJP-ruled Maharashtra and lowest in Delhi.

“Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars and 27 crore two-wheelers,” the ministry said.

Reduced petrol and diesel prices will benefit the citizens through more disposable income, boost for tourism and travel industries, control over inflation, increased consumer confidence and spending, reduced expenses for businesses dependent on transportation, enhanced profitability for logistics, manufacturing, and retail sectors, and reduced outgo for farmers on tractor operations and pump sets, it added.

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