Govt Keeps Petrol Prices Unchanged Once Again

The government has decided to keep the prices of petroleum products unchanged till April 15. According to a statement issued by the Finance Division, the prices of petroleum products will remain unchanged from April 1 onwards. The notification said “As per [the] decision of the Prime Minister in the fortnightly review on 28th February, the petroleum product prices will remain unchanged. Subsequently, Government will bear the additional burden of Rupees 33 billion for the fortnight (1-15 April, 2022) to keep the prices at the existing level”. The current price of petrol stands at Rs. 149.86 per liter, whereas the per-liter prices of diesel, kerosene oil, and light diesel are Rs. 144.15, Rs. 125.56, and Rs. 118.31, respectively. To recall, the government on February 15, approved a record-breaking Rs. 12.03 per liter hike for petrol following a rise in international market prices at the time. Later, on the next fortnightly review of POL prices on February 28, the government reduced rates by a flat Rs. 10 per liter, keeping in view the country’s economic situation and global challenges. On Thursday, the global oil futures fell below $110 per barrel as the United States considered releasing 180 million barrels from its Strategic Petroleum Reserve, the largest in the entity’s 50-year history.