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NEW DELHI :The state oil marketing companies (OMC) have decided to reduce the price of gasoline and diesel by approximately $2 per liter starting at 6 a.m. on Friday.
With the price revision, gasoline will be sold at $94.72 per liter in the national capital, compared to the current price of $96.72. Similarly, in other metropolitan cities of Mumbai, Kolkata and Chennai, fuel will be sold for $104.21, $103.94 and $100.75 as of Friday, with a cut of $2.10, $2.09 and $1.88 per liter, respectively. Current prices are at $106.31, $106.03 and $102.63 per liter, respectively.
Taking to social media platform
The price chart shared by the ministry in its tweet showed that diesel will be sold at $87.62, $92.15, $90.76, $92.34 per litre, respectively, in Delhi, Mumbai, Kolkata and Chennai with a reduction of $2, $2.12, $2 and $1.9 per liter.
The price cut comes just before the likely announcement of general election dates by the Election Commission of India.
The Petroleum Ministry said in its tweet: “Reduced petrol and diesel prices will boost consumer spending and reduce operating costs of over 5.8 million diesel-powered heavy vehicles, 60 million cars and 270 million two-wheelers.”
He also said that the reduced prices of petrol and diesel will benefit citizens as it would increase their disposable income, boost tourism and travel industries, control inflation and reduce farmers’ expenditure on tractor and pump operations, among others.
In recent months a price reduction has been anticipated. On March 12, mint reported that gasoline pumps are operating with the minimum required stock amid the anticipation of a cut in fuel prices.
The OMCs are intended to determine retail fuel prices on a daily basis under the dynamic pricing mechanism based on international crude oil prices. However, prices have remained unchanged since May 2022 after the government announced a reduction in excise duty on both fuels.
The announcement is among a series of relief measures taken by the government in the last few days before the model code of conduct for the Lok Sabha elections comes into force.
Just a week ago, the government announced a cut in $100 in domestic cooking gas prices and also expanded the $300 subsidy for LPG cylinders for beneficiaries of Pradhan Mantri Ujjwala Yojana for the next financial year (FY25) with an outlay of $12,000 crores.
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