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Petrol Price Gets A Big Reduction

Starting from today (Wednesday), the new price of petrol will be Rs. 118.30, as the government has announced a reduction of Rs. 1.50 per liter in its price.

Likewise, the prices of high-speed diesel (HSD) and kerosene oil have been reduced by Rs. 1.50 per liter, while the price of light diesel will be reduced by Rs. 1.00 per liter, starting from September 1, 2021.

The following shall be the new prices of petroleum products from Wednesday:

Petroleum Products Current Prices (Rs/ltr) Revised Price (Rs/ltr) Difference (Rs/ltr)
Petrol 119.80 118.30 -1.50
HSD 116.53 115.03 -1.50
Kerosene Oil 88.30 86.80 -1.50
Light Diesel 85.77 84.77 -1.00

In the official notification, the government made the following statement:

Despite international price fluctuations in petroleum products and anticipated increase in future prices, the government has reduced the prices in order to provide maximum relief to the consumers.

It was also reported earlier today that the Oil and Gas Regulatory Authority (OGRA) proposed to the petroleum division that the prices of the ex-depot petrol be reduced by Rs. 3.50 per liter, the ex-depot price of HSD by Rs. 5 per liter, and those of ex-depot Light Diesel and Kerosene oil be cut by Rs. 2 and Rs. 3 per liter respectively.

A spokesperson from OGRA told the media that the said proposition has been made in light of the existing petroleum levy, prevailing General Sales Tax (GST) rates, and import parity price. He added that the decrease in the price of petroleum products is imminent as in the last 15 days, the prices of oil have been decreasing consistently.

The government has remained modest in their decision to reduce the prices of petrol, perhaps in the interest of remain on the safe side in case the prices of petroleum jump up in the near future.

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