The government has hiked up the prices of petrol and high-speed diesel a bit. The new prices have been set in effect for Aug. 26 and 27.
The price of petrol has been raised by one rupee and 12 paise per litre, the Petroleum Division has notified. After this increase, the new price of petrol has become Rs 343.10 per litre.
One rupee and 11 paise have also made high-speed diesel costly. A new price means that diesel will be sold for Rs 371.80 per litre.
The new prices will be applicable from 12 midnight on August 26. The rates will stay in effect until August 27. The price of petrol was earlier fixed at Rs 341.98 per litre and high-speed diesel at Rs 370.69 per litre for August 25.
The recent hike has followed the government’s recent price revision of petroleum products. Under the current system, the impact of changes in global oil prices is being passed on to local prices more quickly.
Under the new system, OGRA will determine the prices of high-speed diesel and petrol daily. The average prices of the last seven days in the global market and other relevant factors are taken into account in determining the price.
Because of this mechanism, it is possible for consumers to be hit with new prices after a brief period of time. There have been a few price changes in petrol and diesel prices throughout August.
Petrol was sold at Rs 341.59 per litre, and high-speed diesel was sold at Rs 368.29 per litre between August 22 and 24. The petrol price was then raised by Rs 3.81 per litre, while diesel was raised by Rs 3.59 per litre.
The hike in the cost of petrol directly affects the people who are riding motorcycles, rickshaws and private vehicles. Conversely, changes in diesel prices can impact agriculture and other industries, as well as freight transport.
After the latest increase, the price of petrol has crossed Rs 343 per litre, while the price of high-speed diesel has crossed Rs 371 per litre. From August 26, consumers will be able to purchase fuel at these new prices.
