Nation in shock as fuel prices rise to historic 330/litre

The price of petrol skyrocketed by Rs26.02 per litre, while high-speed diesel (HSD) saw an increase of Rs17.34 per litre.

In a move that has sent shockwaves to the nation, the caretaker government pushed through another hike in the prices of petrol by Rs26.02 per litre and high-speed diesel (HSD) by Rs17.34 per litre.

The increase brings the price of petrol to Rs331.38 per litre while HSD is Rs329.18 per litre, the Ministry of Finance said in a post on X (formerly Twitter).

It added that the decision was taken owing to the increasing trend of petroleum prices in the international market.

No revision was specified in the rates of kerosene or light diesel oil.

The price increase comes on the heels of an already massive hike on Sept 1, when the interim government raised fuel prices by up to Rs18 per litre. That jump in petroleum prices had come after similar hikes by the interim government on Aug 15.

The price hike is based on existing tax rates and import parity prices, mainly because of currency fluctuation and a slight increase in international crude prices. At present, the GST is zero on all petroleum products, but the government is charging Rs60 per litre petroleum development levy (PDL) on petrol and Rs50 each on HSD and high octane blending component and 95RON petrol. The government is also charging about Rs18-22 per litre customs duty on petrol and HSD.

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