The government has announced a reduction of up to RS.7 per litre in the price of petroleum products. Petrol was decreased by Rs.5 per litre to RS.140.82 in a notification issued by the Petroleum Division, while high-speed diesel was reduced by RS.5 to RS.137.62 per litre. Kerosene has also been decreased by RS.7 per litre, to RS.109.53, according to the announcement, while light diesel will be available at Rs.107.06 per litre, a drop of RS.7.
The new pricing will take effect at 12 p.m. tonight for the following 15 days, until December 31st, according to the Petroleum Division. According to sources, the OGRA has proposed an R11 drop in the price of petrol and a RS.9 reduction in the price of diesel per litre. Don’t tell anyone. OGRA had requested a price reduction of roughly RS.7-8 per litre in petroleum products on November 30, but the Finance Ministry chose to maintain the prices low.
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Elimination of the gasoline sales tax Global crude oil prices peaked at 84.84 per barrel in the final week of October, before gradually declining in December to 70.75 per barrel. Global oil prices, according to JPMorgan, will hit 125 125 per barrel in 2022 and 150 150 per barrel in 2023.
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