Government considering major cut in petrol, diesel prices

01 Mars, 2020, 02:44 | Auteur: Auguste Feret
  • Prices of petrol and diesel are slashed by Rs5 per litre while kerosene and light diesel become cheaper by Rs7 each

A notification issued by the finance ministry stated that the prices of petrol and high speed diesel (HSD) were reduced by Rs5 per litre, while kerosene oil and light diesel oil (LDO) have been cut down by Rs7 per litre.

In April 2016, the Ministry of Energy and Industry had started pegging the fuel prices to the worldwide market and from September 2017, it is Qatar Petroleum who is announcing the monthly price list.

In a bid to provide relief to petroleum consumers, the government on Saturday slashed the oil prices by Rs5 per litre for the month of March 2020.

A major cut of Rs 10 in petrol price and Rs 7.3 in diesel is likely following 20 per cent fall in oil prices in the global oil market.

The recommendation was reviewed by Prime Minister Imran Khan.

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The official, however, explained that a drastic restructuring in pricing structure and amendment to rules were required to comply with the PM's directive and hence would require some time to deliver. In Chennai, a litre of petrol will cost ₹74.68 per litre whereas diesel is now priced at ₹68.12 per litre.

On the other side, government has increased levy on petroleum products.

Kerosene oil prices have gone down as well by Rs7.

According to a notification issued by the Petroleum Division, the levy on HSD has been increased from Rs18 to Rs25.05. The levy on petrol had also been increased by 50pc to Rs15 per litre instead of Rs10 per litre. It remained unchanged again in January. Like and share the article - it keeps us going!

Total HSD sales are touching 700,000 tonnes per month against monthly consumption of around 600,000 tonnes of petrol.

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