Oil marketing companies (OMC) have reduced pump prices of petrol and diesel after a record 22 months, both of which will be cheaper by Rs 2 in the national capital beginning Friday, the government announced on Thursday.

       Taking Delhi as an example, petrol and diesel prices last saw a revision back on April 6, 2022, when prices of both were raised by 80 paise a litre. Since then, pump prices haven't changed despite major volatility in global oil prices as a result of the war in Ukraine, strife in the Middle East, and piracy in the Red Sea and the Indian Ocean.

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       In August 2023, Petroleum and Natural Gas Minister Hardeep Singh Puri had hinted that OMCs should cut prices by pointing out two successive quarters of growth. He had repeated the same in December. However, OMC officials had maintained that they continued to make under-recoveries on diesel sales.

       The three public sector OMCs, IOCL, BPCL, and HPCL, have raked in major profits in the first three quarters of the ongoing financial year.

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       The Ministry of Petroleum and Natural Gas said the reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, 6 crore cars, and 27 crore two-wheelers.

       From Friday onwards, petrol and diesel will cost Rs 94.72 and Rs 87.62 respectively, in Delhi. Fuel prices vary from state to state due to differential levels of Value Added Tax (VAT), local charges such as cesses, and freight charges.

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