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Government Lowers the Price of Petrol by Rs2.4 Per Liter

Caretaker government, led by PM, slashes petrol price by Rs2.04/liter.

The cost of high speed diesel (HSD) has decreased by Rs6.47 per liter, while the cost of petrol has been slashed by Rs2.04 per liter. The price of HSD is set at Rs296.71 per liter, while the price of petrol is now Rs281.34 per liter.

The notification also said that the new rates will be in effect starting tonight, November 16, at 12 am, and will last through November 30.

According to officials, during the course of the week, the average price of a barrel of HSD decreased by approximately $9, from $113 to $104, while the price of petrol decreased by one dollar, from $91 to $90. Conversely, the value of the rupee decreased by Rs6 compared to the US dollar, falling from Rs280 to Rs286.

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The government had maintained the same prices for gasoline and HSD as of October 31. Prior to September 30, the retail price of gasoline and HSD had increased by Rs58.43 and Rs55.83 per liter, respectively, and had hit a record high of Rs331 to Rs333 per liter. This increase occurred between August 15 and September 15. Following that, rates for gasoline and diesel were lowered in two steps, starting on October 1 and ending on October 16, by Rs52 and Rs26 per liter, respectively.

Currently, the government taxes petrol and HSD at a rate of about Rs80 per liter. The government charges Rs60 per liter as PDL on both petroleum products, even though there is no general sales tax on any of them.

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