In a significant development, fuel prices are set to increase significantly starting July 1, 2024. According to industry insiders, the price hike is expected to be substantial, with:
- Petrol prices rising by Rs 7.54 per litre
- High-Speed Diesel (HSD) increasing by Rs 9.84 per litre
- Light Diesel Oil (LDO) going up by Rs 8.73 per litre
- Kerosene Oil increasing by Rs 7.70 per litre
Based on these projections, consumers can expect to pay:
- Rs 265.70 per litre for petrol
- Rs 277.73 per litre for HSD
- Rs 179.51 per litre for kerosene oil
- Rs 164.85 per litre for LDO
These estimates do not take into account any changes to the exchange rate.
If the government decides to raise the petroleum levy (PL) by Rs 5 per litre, prices could increase further:
- Petrol could jump by Rs 12.54 per litre
- Diesel could increase by Rs 14.84 per litre
The anticipated price hikes are likely to have a significant impact on consumers, contributing to the overall burden of inflation in the country.