Petrol, diesel prices to be cut by 2 per litre, effective 6 am on March 15 [Video]

Fuel prices will be reduced by ₹2 per litre from 6 am on March 15, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced on Thursday, March 14. Oil marketing companies will bear the cost. 

Industry sources told CNBC-TV18 that there was headroom for the price cuts, which they said have been “calibrated and are prudent”. The price cuts — covering CNG, LPG, petrol and diesel — are well distributed between the Centre (Ujwala subsidy), CGD players & OMCs

In a post on X (formerly Twitter), Puri said, “After today’s cut, there has been a total reduction of ₹15 in petrol prices and a total reduction of ₹17 in diesel prices (since) November 2022.”

The minister said the fuel will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 60 million cars and 270 million two-wheelers.

“When the world was going through difficult times — petrol …