Petrol and Diesel Prices Likely to Increase Soon
The government is planning a significant increase in petroleum prices for the second half of July 2024. Experts predict petrol prices may rise by Rs. 7.67 per liter, high-speed diesel (HSD) by Rs. 3.72 per liter, kerosene oil by Rs. 2.39 per liter, and light diesel oil (LDO) by Rs. 0.92 per liter.
These changes are due to global oil prices, currency exchange rates, and financial factors in the energy sector. This could result in petrol costing Rs. 273.28 per liter, HSD at Rs. 281.25 per liter, kerosene oil at Rs. 184.25 per liter, and LDO at Rs. 166.65 per liter in late July 2024.
The Inland Freight Equalisation Margin (IFEM) for petrol is expected to rise from Rs. 6.12 to Rs. 7.79, and for HSD from Rs. 3.11 to Rs. 4.51. Additionally, if an extra petroleum levy of Rs. 5 per liter is imposed, petrol prices could reach Rs. 278.28 per liter (an increase of Rs. 12.67), and HSD could hit Rs. 286.17 per liter (an increase of Rs. 8.72).
