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Govt raises petrol price by Rs 5.4 after international market price go up

OGRA had recommended Rs 11.50 increase in per liter petrol, however, the Prime Minister, considering to provide maximum relief to the public allowed only Rs 5.4 liter increase. Nevertheless, the raise in price will increase inflation.

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Absorbing the increasing oil prices in the international market to provide relief to the masses, the government on Thursday raised petrol price by just Rs5.4 per liter with effective from July 16 for next fortnight.

The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however, the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.

In this way, the government observed Rs6.10 price hike in the commodity, it added.

“The government has been providing maximum relief to the consumers by reducing the price of petroleum products since April 2021,” it added.

The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.

The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.

Accordingly, petrol would be now sold at Rs118.09 per liter against its existing price of Rs112.69.

Read more: Govt raises Petrol price by Rs 2/ltr only

Likewise, the prices of high-speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.

Courtesy: APP

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