The price of petrol and diesel may increase soon
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The government is considering a major increase in the price of petroleum products. A significant increase in petrol and diesel is expected in the second half of July 2024.Industry experts suggest that petrol prices may increase by Rs. 7.67 per liter and high speed diesel (HSD) can go up to Rs. 3.72 per liter.
The price of kerosene oil and light diesel oil (LDO) is also expected to increase by Rs. 2.39 and Rs. 0.92 per liter.These proposed changes due to the global price of oil, exchange rates and financial dynamics of the power sector may result in petrol costing Rs. 273.28 per litre, HSD Rs. 281.25 per litre, kerosene oil Rs. 184.25 per liter and LDO Rs. 166.65 per liter in the second half of July 2024.
The tax framework and anticipated changes in the dollar exchange rate are important factors in these prices. The Inland Freight Equalization Margin (IFEM) for petrol is expected to increase by Rs. 6.12 Rs. 7.79 and for HSD is likely to go up to Rs. 3.11 Rs. 4.51.Further, sources revealed that if the additional oil tax of Rs. 5 per liter will be imposed, the price of petrol may go up to Rs. 278.28 per litre, showing an increase of Rs. 12.67 and HSD can go up to Rs. 286.17 per litre, an increase of Rs. 8.72.
