Petrol Prices Likely to Rise by Around Rs7 Per Litre

Petrol Prices Likely to Rise by Around Rs7 Per Litre

The government is likely to hike the price of petrol by around Rs7 per litre for the first half of July 2024 in line with the increase in international prices.

This increase would be the first after four consecutive declines in prices, amounting to a cumulative relief of Rs35 per litre.

To note, the federal government in budget FY25 decided to increase the maximum petroleum levy by Rs20 to Rs80 per unit on High-speed diesel oil (HSDO) and Motor gasoline for the fiscal year 2024-2025.

The government is also expected to raise the price of high-speed diesel (HSD) by around Rs10.50 per litre due to a rise in its international price.

It is important to note that there is still a week left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.

The government will announce the new prices at midnight on June 30, 2024, which will remain in effect for the next 15 days.

To recall, in the last fortnight, the government reduced petrol and HSD prices for the third consecutive time by Rs10.2 and Rs2.33, bringing them to Rs258.16 and Rs267.89 per litre, respectively.