Petrol and diesel prices per litre may fall by Rs7.24 and Rs16.61 in the next fortnightly price review if the government passes on the impact of a declining worldwide market by not raising taxes on them.
According to the oil industry’s workings, all petroleum prices are falling; however, it was unclear if the government would pass on the impact or offset it by boosting taxes.
According to industry projections, the ex-depot price of petrol has decreased by Rs7.24 to Rs230.19 per litre for the next two weeks, compared to the current price of Rs.237.43 per litre.
Diesel’s ex-depot price has dropped by Rs16.61 to Rs230.82 per litre for the next two weeks, compared to the present price of Rs247.43 per liter.
The ex-depot price of light diesel has been decreased by Rs10.87 to Rs186.41 per litre for the next two weeks, down from Rs197.28 per litretoday.
The ex-depot price of kerosene fell Rs14.20 to Rs187.82 per litre, down from Rs197.28 now. The prices calculated by the oil business are based on the government’s existing levies.
The government levies no general sales tax (GST) on petroleum goods, with the petroleum levy (PL) on petrol at Rs37.42 and diesel at Rs7.58 per litre.
Under IMF requirements, the government must raise the levy on diesel and gasoline to Rs50 per litre to earn the additional money needed to meet the fiscal year’s tax collection objective.
