In a significant move, the Ministry of Finance has announced a substantial reduction in petroleum product prices, bringing relief to consumers across the nation. The price of petrol has been slashed by 8 rupees per liter, leading to a new price of 323.38 rupees per liter, effective from midnight tonight.
According to the official notification released by the ministry, the new prices for petroleum products will come into effect at 12:00 AM tonight. Along with the reduction in petrol prices, diesel prices have also been decreased by 11 rupees per liter, setting the new rate at 318.18 rupees per liter. Furthermore, high-speed diesel will now be available at 318.18 rupees per liter after a reduction of 11 rupees per liter. Additionally, the price of light diesel has been reduced by 7.77 rupees per liter, and kerosene oil is now 7.53 rupees cheaper per liter.
The Ministry of Finance attributed this price reduction to the decline in global oil prices, which has allowed for a decrease in domestic rates. The decision to lower petroleum product prices not only reflects the positive impact of the global market fluctuations but also signifies the government’s commitment to providing economic relief to the citizens.
This move is expected to have a cascading effect on various sectors of the economy, reducing transportation costs for businesses and the general public alike. Furthermore, it is anticipated to curb inflationary pressures, providing much-needed respite to the common man in the face of rising living expenses.
The Ministry of Finance emphasized that this decision was made with careful consideration of both domestic and international economic factors. By responding proactively to the changing global market dynamics, the government aims to stabilize the domestic market and ensure that the benefits of reduced oil prices are passed on to the consumers, thereby contributing to the overall economic well-being of the nation.The reduction in petroleum product prices, particularly petrol and diesel, is a significant development that will alleviate the financial burden on consumers and stimulate economic activities, fostering a positive environment for growth and stability.