Petrol price slashed by Rs15.39, HSD by Rs7.88

The government slashed fuel prices on Wednesday, effective from May 16 (Thursday), in line with the recommendations of the Oil and Gas Regulatory Authority (OGRA), according to a notification issued by the finance ministry.

The ministry notified the new reduced prices of petrol and diesel for the next fortnight.

According to the ministry, the new price of petrol is Rs273.10 per litre, down Rs15.39 from the previous Rs288.49.

Read more: Fuel prices expected to drop significantly in May

Similarly, high-speed diesel (HSD) will be available for Rs274.08 per litre, down Rs7.88 from the previous rate of Rs281.96 per litre.

The tariffs of light diesel oil (LDO) were reduced by Rs7.54, whereas the price of kerosene oil was slashed by Rs9.86.

According to the notification, the new prices will be applicable from midnight and remain valid for the next fortnight.

The government is charging a petroleum levy of Rs60 per litre on both petrol and HSD and is projected to collect Rs936 billion in the current fiscal year against a budgeted target of Rs869 billion.

The government anticipates that the reduction in the price of petroleum products would help increase the sale price and consumption of petroleum products, which dropped by 4% on a month-on-month basis in April 2024 and 6% on a year-to-year basis.

Source link

Related Posts

US banks announce big shareholder payouts as Fed eases stress tests

Stay informed with free updates Simply sign up to the US banks myFT Digest — delivered directly to your inbox. Investors reaped the rewards of looser bank supervision as Wall…

Read more

Eurozone inflation rises to ECB’s 2% target

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Eurozone inflation hit 2 per cent in June, rising back…

Read more

Revised UK welfare reforms to push 150,000 into poverty

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Watering down the government’s flagship welfare changes will cost taxpayers…

Read more

Labour rebels await details of welfare concessions ahead of key vote

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Liz Kendall, work and pensions secretary, will on Monday set…

Read more

Carmaker Lotus plans to end production in the UK

Stay informed with free updates Simply sign up to the Automobiles myFT Digest — delivered directly to your inbox. Lotus plans to end production in the UK after more than…

Read more

UK Jewish body suspends deputies over letter criticising Israeli offensive in Gaza

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK’s largest Jewish representative body has suspended five of…

Read more

Leave a Reply