Petrol prices to go down by Rs.9.63 in coming weeks
Starting on September 16, the price of Mogas could drop by Rs9.62 per litre to Rs226.36 per litre from Rs235.98, and the price of diesel could increase by Rs3.04 per litre to Rs250.30 from Rs247.26 per litre (tomorrow).
Industrial sources report that over the period of September 1–15, the average Platts price for motor spirit decreased by Rs9.55 to Rs92.28 from Rs101.83. However, when compared to the exchange rate that was recorded between August 16 and 31, the rate stayed on the higher side. The price of one litre of gasoline in the refinery dropped by Rs7.84 per litre to Rs166.76 from Rs174.61 per litre, and customs duty remained unchanged at Rs15.39 per litre. However, it has been anticipated that the price of one litre of gasoline ex-refinery will drop by Rs9.62 to Rs173.43 from Rs183.04 per litre.
Regarding diesel, the cost and freight in dollars increased even though the average Platts price for diesel decreased for the period of September 1–15 by Rs6.46 per litre to Rs133.93 from Rs140.38 per litre. A similar increase of Rs7.87 was seen in the exchange rate, which remained higher than average at Rs225.63 compared to the Rs217.81 recorded during the period of August 16–31. The price of one litre of diesel in a refinery will rise by Rs1.57 to Rs224.57 from Rs223 due to the anticipated increase in customs duty on HSD of Rs3.37 to Rs22.11 per litre from Rs18.74.
Petrol prices to go down by Rs.9.63 in coming weeks
Additionally, the ex-refinery price of diesel is predicted to rise by Rs3.04 per litre to Rs231.90 from an earlier Rs228.87 per litre following the PSO exchange adjustment. The distribution margin for gasoline and diesel, however, is Rs3.68 per litre and Rs7 per litre for end users. Additionally, a petroleum fee of Rs. 37.50 per litre for gasoline and Rs. 7.50 for diesel is imposed.
Additionally, IFEM (Inland Freight Equalization Margin) is levied at Rs4.76 per litre for gasoline and Re0.21 for diesel. In order to raise Rs855 billion in 2022–2023, the coalition government is required under the IMF programme to increase the petroleum tax by up to Rs50 on both gasoline and diesel.
