The Finance Division on Thursday night notified new prices of petroleum products for the next fortnight, raising the prices of petrol by Rs. 2.43/liter and high-speed diesel by Rs. 3.02/liter.
The new prices will be effective from Nov. 1 through Nov. 15. In its notification, the Finance Division said it had acted on recommendations of the Oil and Gas Regulatory Authority (OGRA) and relevant ministries. It said petrol would now cost Rs. 265.45/liter, while the new rate for high-speed diesel is Rs. 278.44/liter.
The government has also raised the prices of kerosene oil and light-diesel oil, though these were not officially notified. Reportedly, the price of kerosene has been raised by Rs. 3.34 to Rs. 185.05/liter, while light diesel oil would cost Rs. 163.98/liter, Rs. 1.22/liter higher than it rate for the past two weeks.
OGRA has also notified a reduction of Rs. 5.88/kilogram in the consumer price of LPG, with the new rate set at Rs. 201.60/kg. The price of an 11.8kg cylinder has been set at Rs. 2,378.89 for November, down Rs. 69.44 from Rs. 2,448.53 for October. The government charges about Rs. 37,342/ton in GST and petroleum levy on LPG.
The government charges around Rs. 99 per liter in taxes on both petrol and diesel. While the general sales tax (GST) is zero, petrol levy and climate levy combined account for Rs. 79.50/liter on diesel and Rs. 80.52/liter on petrol and high-octane products. There is also a customs duty imposed on fuel products and a fixed amount set for distribution and sales margins.
Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers, with an increase in prices impacting motorists. Diesel is primarily utilized in the transportation sector, with any price deviations deemed inflationary, especially for essential commodities.