Fuel prices are set to rise significantly starting tomorrow, 1st July 2024. Industry insiders suggest that the increase could be as much as Rs 9.84 per litre during the first fifteen days of the month.
Sources reveal that petrol prices might go up by about Rs 7.54 per litre. High-speed diesel (HSD) could see an even steeper rise of Rs 9.84 per litre. Meanwhile, the price of light diesel oil (LDO) is expected to climb by Rs 8.73 per litre, and kerosene oil may increase by Rs 7.70 per litre.
These price hikes are based on the current tax structure. If these adjustments are approved, consumers could be paying Rs 265.70 per litre for petrol, Rs 277.73 per litre for HSD, Rs 179.51 per litre for kerosene oil, and Rs 164.85 per litre for LDO. These estimates do not factor in any changes to the exchange rate.
Additionally, if the government decides to raise the petroleum levy (PL) by Rs 5 per litre, the price of petrol could jump by Rs 12.54 per litre, and diesel could increase by Rs 14.84 per litre starting next month.
These potential increases in fuel prices are expected to impact consumers heavily, contributing to the overall burden of inflation in the country.
