Ahead of the Lok Sabha polls, petrol and diesel prices have been reduced by Rs 2 per litre across the nation. The price cut will be effective from 6 am on Friday morning, said the oil ministry.Earlier, on March 8, the Centre had reduced liquefied petroleum gas (LPG) cylinder prices by Rs 100 nationwide.Oil companies such as Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation Limited have consistently reported profits over the last three quarters.In the third quarter of FY24 alone, these companies collectively reported a profit of Rs 11,773.83 crore. Their combined profits over the past three quarters have surpassed Rs 69,000 crore.The last nationwide fuel price revision took place on May 21, 2022, when Finance Minister Nirmala Sitharaman reduced the excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter.
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