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Petrol and Diesel Prices Soar by Over Rs14 as Caretaker Government Implements Price Increase

Date: September 01, 2023

The caretaker government took a significant step on Thursday by raising the prices of petrol and diesel by more than Rs14. The decision, attributed to the “rising trend of petroleum prices in the international market and exchange rate fluctuations,” was announced by the Finance Division.

The local currency has reached an unprecedented low due to relaxed import restrictions, leading to higher demand for the US dollar and increased concerns about financing the country’s current account deficit.

Since the formation of the caretaker government, the rupee has depreciated by more than Rs15 in the interbank market. This government’s responsibilities include overseeing at least one review of the $3 billion standby arrangement with the International Monetary Fund (IMF) and guiding the nation towards a national election, anticipated to occur by November.

In line with the oil industry’s practices, the ex-depot prices of petroleum products, particularly petrol and high-speed diesel, are expected to see a substantial rise. The government is set to assess the petroleum prices during the Thursday night review under the fortnightly prices formula.

Earlier, on August 1, the government raised the price of petrol by Rs19.95 per litre and high-speed diesel by Rs19.90 per litre. Subsequently, on August 16, the price of petrol was increased by Rs17.50 per litre, and high-speed diesel saw a spike of Rs20 per litre.

ProductExisting priceNew price w.e.f Sept 1Change
Petrol290.45305.36+14.91
Diesel293.40311.84+18.44

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