Price of petroleum is expected to rise by Rs 3.97 per liter from March. The reason behind the rise is increase in petroleum prices in the international market along with increase in General Sales Tax (GST) on petroleum products.
According to the sources, except for high speed diesel, all petroleum prices are expected to increase. Petrol cost will rise from Rs 70.29 per liter to Rs. 74.26 per liter. The price for Hi octane has been suggested to be increased by Rs 4.5 per liter. The price will then elevate from Rs 80.31 to Rs. 84.81 per liter. Kerosene cost will increase by Rs 2.67 after which the price will increase from Rs 61.44 to Rs 64.11. Light diesel’s price will climb from Rs 57.94 to Rs 60.55. The cost has been suggested to be increased by Rs 2.61 per liter.
Apart from the price-hike in all petroleum products, high speed diesel’s price is expected to go down by Rs 3 per litre. Its cost will decrease from Rs 80.61 to Rs 77.61. During the past two months, GST on petroleum products has been increased from 17 to 27 per cent. The ascent in prices of petroleum will halt the process of persistent cutbacks in petroleum prices being carried out for the past seven months.
