The per litre price of petrol has been decreased by Re0.50 per lite, according to an official notification issued on Friday.
It said the new fuel prices will come into effect from March 1.
Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting.
On the other hand, a significant portion of the transport sector relies on high-speed diesel.
Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers. The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.
This is a developing story and is being updated with further details.
