Fuel prices hiked
February 11, 2019 10:53 pm
The Government has revised the fuel prices and accordingly the fuel price has been increased from midnight today (11), stated the Ministry of Finance issuing a release.
As a result, the prices of one liter of Petrol Octane 92 and the Auto Diesel have been increased by Rs 6 and Rs 4 respectively.
As per the latest international market price of crude oil, the price of diesel should have been increased by Rs 9.59. However, the government, considering its effects, has decided to increase the price of diesel by Rs 4 and the price per liter is Rs 103.
Accordingly, new fuel prices are as follows,
Type of Fuel Present Price (Rs) Revised Price (Rs)
Octane 92 Petrol 123 129
Octane 95 Petrol 147 152
Auto Diesel 99 103
Super Diesel 118 126
The fuel prices are reviewed every 10th day of the Month under the fuel pricing mechanism introduced in May 2018.
When the oil prices were upwardly revised on the last October 10, the price of a barrel of crude oil had hiked to USD 84. The prices climbed down to USD 70 by November 2018 and it was reported to be 53 when the fuel prices were slashed on January 10, 2019.
When the fuel prices were increased for the first time in May 2018 under the pricing formula, the local selling price of Petrol was Rs 137 per liter and by now it has come down to Rs 129/liter.
The diesel price which was at Rs 129 per liter in May 2018, has come down to Rs 103 per liter by today.
However, unfortunately, the bus fare, three wheeler fare, and other transport charges were unreasonably increased in a higher percentage than the fuel price revision, according to the Finance Ministry. Under this context, the government stresses that there is no reason for a fare increase in any of the transport or other logistics sectors on par with this latest fuel price revision.