New prices of Petrol and Diesel have been put into action since today, March 15th at 6am. The Ministry of Petroleum slashed the prices by ₹2 across the nation.
The highly anticipated drop in price of these fuels will put commuters at ease. The current prices after the emendation stand at ₹104.21 and ₹92.15 for in Mumbai, ₹99.84 and ₹85.93 in Bengaluru, ₹94.72 and ₹87.62 in Delhi for petrol and diesel respectively.
In India, market forces and governmental supervision work together to control fuel prices. Oil Marketing Companies (OMCs), guided by the Petroleum Planning and Analysis Cell (PPAC), are essential to the daily price drop price adjustment process.
There is no relief on excise duty levied by the central government and seems the price cut will be borne wholly by OMCs. Today’s drop caused a drop in shares of all major oil companies namely- Indian Oil Corp, Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum (BPCL) by up to 8%. The preceding price drop was revised back in the month of May back in 2022.
