The new fiscal year 2024-25 has started with an increase in petrol and high-speed diesel (HSD) prices by Rs7.45 and Rs9.56 per litre, respectively, for the next fortnight.
According to a notification issued by the Ministry of Finance, for the period from July 1 to 15, the new ex-depot petrol price will be Rs265.61 per litre, up from Rs258.16 in the previous fortnight, reflecting a 2.9% increase. In the retail market, petrol is expected to be priced at over Rs266 per litre.
The ex-depot price of high-speed diesel (HSD) has been set at Rs277.45 per litre, a 3.6% increase from Rs267.89 in the past fortnight.
The Oil and Gas Regulatory Authority (Ogra) has adjusted consumer prices based on these global market variations, while tax and duty rates on petroleum products remain unchanged.
The finance minister announced on Sunday evening that the petroleum levy would not be increased, though its ceiling has been raised to Rs70 per litre in the budget from Rs60, providing “headroom” for the future.
The government has set a target for petroleum levy collection at Rs1.28 trillion for the fiscal year starting July 1, compared to Rs960 billion estimated for the current year, and significantly higher than the Rs869 billion budget target.
Officials reported that in the last fortnight, the international market prices for petrol and HSD rose by about $4.4 and $5.5 per barrel, respectively. Additionally, the rupee depreciated by approximately 17 paise against the dollar.
Since May 1, petrol and HSD prices have been decreasing due to a slump in the international market. On April 30, petrol prices dropped by nearly Rs35 to around Rs259 per litre, while HSD prices fell by about Rs22 to Rs268 per litre in the second fortnight of April.
