The Finance Division on Friday announced a Rs. 12.84/liter reduction in the price of diesel for the next fortnight while retaining the price of petrol set on Aug. 1.
The new prices, effective from Aug. 16, are in line with the recommendations of the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries, it said in a notification.
Under the revised rates, the price of high-speed diesel has been reduced from Rs. 285.83/liter to Rs. 272.99/liter. While the price of petrol remains unchanged at R. 264.61/liter, the price of superior kerosene oil has been slashed from Rs. 185.46/liter to Rs. 178.27/liter. Light diesel oil has seen a Rs. 8.2/liter reduction, goin from Rs. 170.36/liter to Rs. 162.37/liter.
The new prices are anticipated to curtail inflation, as diesel, particularly, is utilized by the transport sector as well as agricultural machinery, often boosting the prices of essential commodities with each price hike. Private transportation, such as small vehicles, rickshaws, and two-wheelers, primarily use petrol.