The government has made preparations to potentially raise the prices of petroleum products following an increase in electricity rates.
According to reports, plans to hike the prices of petroleum products have been finalized, with the implementation scheduled to commence from March 1st. It is anticipated that the cost of petrol could rise by Rs. 4.50 per liter, while diesel prices may see an increase of Rs. 2.50 per liter.
There’s a possibility of a substantial increase of up to Rs. 9 per liter in both petrol and diesel prices.
Furthermore, the price of kerosene oil could potentially rise by Rs. 2.92 per liter, while suggestions have been made to keep the prices of light diesel oil stable.
It’s indicated that a proposal for the increase in petroleum product prices will be forwarded to the Ministry of Petroleum by February 29th. Following consultations with the Finance Minister, the new price structure will be announced. The revised prices are expected to be applicable from March 1st to March 15th.
This move suggests a potential adjustment in fuel prices to reflect changes in global oil markets and to ensure alignment with domestic economic considerations. However, such adjustments could impact consumers, as increased fuel prices often translate into higher transportation and living costs.
