Despite several reports of an expected decrease in prices of petroleum products, the government increased the price of petrol by Rs6.72 per litre and decreased the price of high-speed diesel (HSD) by Rs0.51 and kerosene oil by Rs1.67 per litre.
The price of light diesel oil (LDO) was raised by Rs0.43 per litre by the government.
Prior to this, the coalition administration had decreased the cost of petrol and LDO starting on August 1 by Rs3.05 and Rs0.12, respectively.
However, starting on August 1, 2022, the government had increased the price of HSD by Rs8.95 per litre and kerosene oil by Rs4.62 per litre.
With the most recent announcement, the price of petrol has gone up from Rs227.19 per litre to Rs233.91 per litre, and that of LDO has gone up to Rs191.75 from Rs191.32 per litre; and that of HSD has gone up to Rs244.95 from Rs244.44.
Kerosene oil is now available for Rs199.40 per litre as opposed to its earlier price of Rs201.07 per litre.
The rapid depreciation of the rupee against the dollar had previously also been a significant determinant of oil prices.
The standing of the rupee against the dollar had improved recently. In spite of this, the cost of gasoline had increased.
Additionally, there had not been a significant decrease in the cost of diesel, which is widely used in the nation’s transportation and agricultural sectors.
