The interim government has approved a significant hike in the ex-depot price of petrol by 13.55 per litre and high-speed diesel (HSD) by Rs 2.75 per litre for the fortnight starting February 1, 2024, ahead of the general elections on February 8.
The Finance Ministry’s late-night statement revealed a 5.2 percent increase in the ex-depot price of petrol and a 1 percent increase in HSD. Light-speed diesel (LDO) rose by Rs 2.03 per litre, while kerosene oil saw a reduction of 24 paisa. The adjustments are attributed to exchange rate fluctuations, higher premiums, and increased global oil prices, with no changes in petroleum levy (PL) and general sales tax (GST).
The new petrol price is Rs 272.89 per litre, and HSD is raised to Rs 278.96 per litre. The government’s decision aligns with recommendations from the Oil and Gas Regulatory Authority (OGRA) amid international market fluctuations. The recent attacks on ships in the Red Sea contributed to a surge in international petrol and diesel prices since January 16, 2024, prompting increased premiums by international companies. Import premiums stand at $9.47 per barrel for petrol and $6.50 per barrel for HSD in the current fortnight.
