The federal government announced a significant hike in petroleum product prices on Monday. According to a notification from the finance ministry, the price of petrol has risen by Rs. 9.99 per liter, bringing it to Rs. 275.60, while high-speed diesel now costs Rs. 283.63 per liter after an increase of Rs. 6.18. These new prices take effect from July 16.
READ MORE: Anant Ambani and Radhika Merchant’s Wedding: Here’s the Cost of the Extravaganza!
In the last fortnightly review of petroleum prices, the government had increased petrol prices by Rs. 7.45 per liter and high-speed diesel by Rs. 9.56 per liter. The repeated price hikes in petrol and diesel are expected to drive inflation higher, as transportation costs will inevitably rise.
The ministry also stated briefly that there will be no changes to the existing duties and levies, which will remain at their current levels.
