Business

Govt hikes fuel prices; petrol goes up by Rs2.98 per litre

The government on Wednesday increased the prices of petrol by Rs2.98 and High Speed Diesel (HSD) by Rs5.92.
The Oil and Gas Regulatory Authority (Ogra) had proposed double digit increase in the rates of HSD by Rs10.25 per litre, SKO Rs12.74 per litre and LDO Rs11.72 per litre on the basis of increase in prices of petroleum products in the international market.
The government, however, decided to reduce the impact on the consumers through adjustment in the applicable levies.
The price of High Speed Diesel has been increased by Rs5.92, from Rs89.91 per liter to Rs95.83.The product is widely used in transport and agriculture sector and therefore, increase in its price would lead to hike in inflationary rates.
Petrol was increased by Rs2.98 per litre from existing Rs81.53 to Rs84.51 per litre. The supply of indigenous gas has been suspended to CNG retail outlets in Punjab and therefore, the demand of petrol had been increased for use in vehicles.
The price of kerosene oil has been increased by Rs5.94 per litre from Rs64.32 to Rs70.26 per litre. The kerosene is being mixed in high speed diesel and therefore, the product had been facing shortage in local market.
The price of Light diesel oil (LDO) has also been increased by Rs5.93 from Rs58.37 to Rs64.30 per litre.