The government has decided to keep the prices of petroleum products unchanged till March 31. According to a statement issued by the Finance Division, the prices of petroleum products will remain unchanged from March 15 onwards.
The notification said “In line with the decision of the Prime Minister in the last fortnightly review, the petroleum product prices will remain unchanged despite abnormal price increase in international market. Subsequently, to keep the prices at the existing level, government will bear the additional burden of Rs. 30 billion for the fortnight (16-31 March, 2022)”.
The current price of petrol stands at Rs. 149.86 per liter, whereas the per-liter prices of diesel, kerosene oil, and light diesel are Rs. 144.15, Rs. 125.56, and Rs. 118.31, respectively.
To recall, the government on February 15 approved a record-breaking Rs. 12.03 per liter hike for petrol following a rise in international market prices at the time. Later, on the next fortnightly review of POL prices on February 28, the government reduced rates by a flat Rs. 10 per liter, keeping in view the country’s economic situation and global challenges.
On Tuesday, the global oil futures briefly fell below $100 per barrel as investors set their hopes on diplomatic progress between Ukraine and Russia to end their war. On the flip side, an increase in COVID-19 cases in China and restricted supply movements rattled market players.
