Diesel price cut by Rs5.31 per lite; new fuel rates effective from March 1
An official announcement made on Friday stated that the price of gasoline per liter has decreased by Re0.50. A notification issued by the Finance Division states that the price of a liter of gasoline will now be Rs255.63, down from Rs256.13.
The official announcement stated that the new fuel prices would go into effect on March 1.
In a similar vein, the price of high-speed diesel (HSD) has decreased by Rs5.31 per liter, dropping from Rs263.95 to Rs258.64. According to the announcement, “The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in light of recent fluctuations in the international oil market.”
Other petroleum products’ prices have also fallen in the meantime. Kerosene oil will now cost Rs168.12 per liter, down from Rs171.65 per liter. In a similar vein, the cost of a liter of light diesel oil has decreased by Rs2.47, from Rs155.81 to Rs153.34.
The majority of private transportation, small vehicles, rickshaws, and two-wheelers make use of gasoline. The middle and lower-middle classes’ budgets are significantly impacted by higher fuel prices because they primarily use gasoline for commuting.
High-speed diesel, on the other hand, is used by a lot of the transportation industry. Because it is primarily utilized in heavy goods transport vehicles, buses, trains, and agricultural machinery like tractors, tube wells, and threshers, its price is regarded as inflationary. The use of high-speed diesel is a major factor in the rising cost of vegetables and other food items.