Rejecting a recommendation by the Oil and Gas Regulatory Authority (OGRA) to increase the price of petrol by Rs 3.22 per litre, the government on Monday announced a Rs 1.7 per litre hike in the price of the commodity with effect from May 1 (today).
The OGRA had sent a summary to the government with a recommendation to increase the prices of petrol by Rs 3.22, diesel by Rs 5.2, kerosene oil by Rs 6.97, and light diesel by Rs 6.95 per litre.
According to the notification issued on Monday, the new price of petrol will be Rs 87.70 per litre, while diesel price has been increased by Rs 2.31 to Rs 98.76.
Under the proposed Finance Bill, 2018, levy on diesel, petrol, crude oil and high-octane fuel would be increased from Rs 10 to Rs 30 per litre.
Published in Daily Times, May 1st 2018.
