Petrol price hike by Rs 25.58 paise

The government immediately increased the prices of petroleum products by Rs 25.58.

According to the notification issued by the Finance Division, the price of petrol is being increased by Rs 25.58 per liter, after which its new price will be Rs 100.10 per liter.

Similarly, the price of high speed diesel has been increased by Rs 21.31 per liter and its new price has been fixed at Rs 101.46 per liter.

The notification said that the price of kerosene is being increased by Rs 23.50 and light diesel by Rs 17.84 per liter.

After this increase, the new price of kerosene has gone up to Rs 59.6 per liter while that of light diesel oil has gone up to Rs 55.98 per liter.

The new prices will apply immediately.

Read more: OGRA issues show cause notices to 6 oil marketing companies over petrol supply disruption

The notification attributed the rise in prices of petroleum products to the rise in global oil prices.

It may be recalled that the government had reduced the total price of petroleum products by Rs 56.89 per liter during the lockdown period due to Corona virus.

From March 25 to June 1, petrol was reduced by Rs 37.07 per liter, while the price of high speed diesel was reduced by Rs 42.10 per liter, while kerosene by Rs 56.89 and light diesel by Rs 39.37 per liter. Cheaper per liter.

On May 31, the government had announced a further reduction of Rs 7 per liter in the price of petrol, after which it was reduced to Rs 74.52 per liter.

However, the very next day, June 1, there was a severe shortage of petrol across the country.

Read also: Petrol supply severely affected across the country

On the same day, the Petroleum Division sent a letter to the Oil and Gas Regulatory Authority (OGRA) stating that the possible increase in petroleum products from July 1, 2020 by Mogaz and Oil Marketing Companies (OMCs). The supply of products at retail outlets across the country can be reduced to maximize financial gain.

It said that as a regulator to avoid crisis, OGRA should direct OMCs to ensure supply of stocks at every retail outlet in the country.

On June 3, OGRA had issued show cause notices to six oil marketing companies over the petrol standoff, while raids were also carried out on oil depots across the country over complaints of petrol storage.

However, no significant progress was made in ensuring the supply of petrol.

Read more: Decision to deregulate petrol prices

Due to the persistent shortage of petrol across the country, on June 8, the government decided in principle to ‘completely deregulate’ the price and marketing of petrol and to abolish the system of uniform pricing.

The decision comes at a time when oil marketing companies (OMCs) are being criticized for their “cartilage” behavior in the case of the high octane blending component (HOBC).

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