Govt approves hike in petrol rates for August in view of ‘global rise’ in prices

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The government on Friday said it is increasing the prices of petroleum products for the month of August due to a “rising oil prices trend in the global market”.

According to a notification by the Finance Division, petrol will now cost Rs3.86 more per litre at Rs103.97, whereas High Speed Diesel (HSD) will cost Rs5 dearer, at 106.46.

Kerosene will now cost Rs65.29 after an increase of Rs5.97 and Light Diesel Oil (LDO) will be priced Rs6.62 higher at Rs62.86.

The new rates will come into effect at midnight on July 31.

The Petroleum Ministry had recommended an increase in prices by up to Rs9.5/litre for August.

In a summary sent to the Finance Ministry, the Petroleum Ministry had proposed an increase of Rs7 per litre for petrol, Rs9.5 for HSD, Rs6.21 for LDO and Rs6 increase for kerosene.

Last month, the government had jacked up prices by 66% with petrol prices increasing by Rs25.58/litre, diesel Rs21.31/litre, kerosene by Rs23.50/litre and LDO by Rs17.84/litre.

The government is currently charging Rs30 per litre petroleum levy (PL) on petrol and diesel, Rs6/litre on kerosene and Rs3/litre on LDO. It is also charging a 17% general sales tax (GST) on all petroleum products.

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