Fuel price cut of ₹2 per litre takes effect today

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 prices increased by 50-72% in developed and developing countries, and when in many countries around us petrol was no longer available, prices in India decreased by 4.65% in the last two and a half years," Puri claimed in the post.

According to the minister, 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.

Reduced outgo for Farmers on tractor operations & pump sets.

India imports more than 80 percent of all the oil it needs. As of 10 pm on Thursday, March 14, West Texas Intermediate Crude was priced at just over $81 a barrel, while Brent Crude was priced at more than $85 a barrel. Around 3 pm, WTI was up 0.43% to $80.06 per barrel, and Brent crude traded 0.40% higher at $84.37 per barrel in New York.

Earlier in the day, PTI reported that crude oil prices climbed ₹59 to ₹6,638 per barrel in futures trade as participants widened their positions following a firm spot demand.