The government has announced a reduction in fuel prices. Petrol prices will drop by Rs10 per litre due to a decrease in international market rates. This change comes after the Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices.
According to a statement from the Finance Division on Sunday, the price of high-speed diesel (HSD) will also be reduced. HSD will decrease by Rs13.06 per litre, bringing the new price to Rs249.69 from Rs262.75.
These new fuel prices will be effective by 16 September, 2024.
Related: Petrol Price Expected to Drop by Rs12 Per Litre
Here are the updated prices for key products:
- Petrol: Reduced from Rs259.10 to Rs249.10 (-Rs10.00)
- High-Speed Diesel (HSD): Reduced from Rs262.75 to Rs249.69 (-Rs13.06)
- Kerosene: Reduced from Rs169.62 to Rs158.47 (-Rs11.15)
- Light Diesel Oil: Reduced from Rs154.05 to Rs141.93 (-Rs12.12)
This is the fourth consecutive fuel price cut in the last two months. In the previous review, the government had already reduced the price of petrol by Rs1.86 per litre, from Rs260.96 to Rs259.10.
Petrol is widely used in private vehicles, rickshaws, and two-wheelers. High fuel prices heavily affect middle and lower-middle-class households, as many rely on petrol for daily commuting.
High-speed diesel (HSD) plays a crucial role in heavy transport. It powers trucks, buses, trains, and agricultural machinery like tractors. A price increase in HSD impacts the overall cost of goods transportation. This, in turn, raises prices for vegetables and other essential food items.
The recent cuts in fuel prices offer some relief for consumers. The lower cost of diesel may help reduce transportation costs, potentially easing inflationary pressure on food and other essential commodities.
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