If the summary is approved by Finance and Petroleum Ministries, the price of petrol will be reduced by Rs 1.76 per litre, High Octane Blending Component (HOBC) by Rs 8.03 per litre, High Speed Diesel (HSD) by Rs 1.45 per litre, Light Diesel Oil (LDO) by Rs 4.93 per litre and Kerosene Oil (KO) by Rs 4.69 per litre, effective from April 1.
Currently, petrol is being sold at Rs 103.70 per litre, HOBC at Rs 140 per litre, HSD at Rs 109.21 per litre, LDO at Rs 94.98 per litre and kerosene oil at Rs 99.90 litre. On March 4, the outgoing PPP-led coalition government de-notified an increase in the prices of petroleum products according to which the petrol price was reduced by Rs 3.53 from Rs 106.60 per litre to Rs 103.70/litre, High Speed Diesel (HSD) decreased by Rs 4.35 from 114 per litre to 109.21, kerosene oil price cut by Rs 3.79 from 103.69 to Rs 99.90, whereas LDO price remained unchanged.
Oil prices on March 4 were reduced by absorbing Petroleum Levy. If the Finance Ministry is deciding to enhance Petroleum Levy, petrol prices are expected to increase by Rs 1.5 per litre and of HSD by Rs 1.6 per litre, while prices of LDO and kerosene oil are likely to be reduced by Rs 1.5 per litre.