For the next two weeks, rupee appreciation would help drive down the price of ex-depot petrol; but, The News on Saturday stated that the International Monetary Fund (IMF)'s condition, which calls for an increase in the petroleum levy (PL), could rob consumers of this much-needed relief.
By 12:01 a.m. on July 15 (today), the government is supposed to assess the cost of petroleum products.
While the ex-depot price of high-speed diesel (HSD) has not changed significantly, its cost to end users may increase over the course of the next two weeks due to the petroleum levy.
Although the domestic currency has strengthened against the dollar after the IMF approved a $3 billion loan and released the first tranche of $1.2 billion, consumers may see a decrease in petrol prices even though the oil industry claims that international petroleum product prices have increased recently.
The ex-depot price of petrol is expected to drop to Rs251.92 per litre for the upcoming fortnight, a reduction of Rs10.08 from the current price of Rs262 per litre, according to the oil industry's workings.
HSD's ex-depot pricing, which was previously Rs260.50 per litre, is now indicting a Rs3.66 increase to Rs264.16 per litre.
In its most recent review of prices, the government increased the petroleum duty on petrol by Rs 5 per litre, to Rs 55 per litre.
According to sources in the oil industry, "it appears that the government may increase the PL to Rs60 per litre in the next review of prices under the IMF conditions, which seek Rs60 per litre PL on petrol."
The government is currently charging Rs50 per litre PL for HSD, although the IMF's requirements call for it to be increased to Rs60 per litre.
The government might raise the PL by Rs. 5 per litre as opposed to Rs. 10, though.
In comparison to the current price of Rs154.22 per litre, the cost of light-speed diesel has increased by Rs1.43 per litre to Rs155.65 per litre.
Similar to this, the ex-depot price of paraffin is also increasing, going from the current Rs171.05 per litre to Rs171.78 per litre, an increase of Rs0.73 per litre.
The ex-depot price of petrol has decreased thanks to the exchange rate, while the increase in the ex-depot price of diesel has been kept at a manageable level.
The exchange rate is showing a drop of Rs8.42 per litre, which might lower the cost of petroleum products for the upcoming week to Rs278.58 per litre as opposed to the current cost of Rs286.99.
Comments
0 comment