Business Desk 
Aug 01, 2024
The government on Thursday slashed the price of petrol by Rs6.17 per litre in line with the price fluctuations in the international market.
The new price of petrol stands at Rs269.43 per litre after the decrease, according to a notification from the finance ministry.
In a notification, the finance division announced it has also decreased the price of high speed diesel by Rs10.86 [$0.039] per liter to bring it to Rs272.77 [$0.98] per litre.
“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices of Petroleum Products, based on the price variations in the international market,” the notification read.
The price of kerosene oil has been decreased by Rs6.32 per litre, bringing its retail rate down to Rs177.39 from Rs183.71. Moreover, the price of light diesel oil (LDO) was eased by Rs5.72 to Rs160.53 from Rs166.25. However, since these prices had been de-regulated, these were not mention in the ministry notification.
| Products | Existing price 16.07.2024 | New price 01.08.2024 | Increase/Decrease +/- |
| Petrol | Rs275.60 | Rs269.43 | - Rs6.17 |
| High-speed diesel | Rs283.63 | Rs272.77 | - Rs10.86 |
| Kerosene oil | Rs183.71 | Rs177.39 | - Rs6.32 |
| Light diesel oil | Rs166.25 | Rs160.53 | -5.72 |
The latest decrease will be a slight relief for the masses in a country where petroleum and electricity prices have been the key drivers of high inflation.
It should be noted that in the previous fortnightly review, the petrol price was increased by Rs9.99 per litre for 15 days — from July 16 to July 31. The rate of high-speed diesel (HSD) was also raised by Rs6.18 per litre.
