Meanwhile, the price of High Speed Diesel (HSD) was reduced by 62 paisa per litre, bringing its price at Rs 108.59 per litre. Previously, it was being sold for Rs 109.21 a litre. Moreover, the price of Light Diesel Oil was also reduced by Rs 1.50 per litre from Rs 94.78 to Rs 93.28 per litre and kerosene oil by Rs 1.64/litre, down from Rs 99.90 per litre to Rs 98.26 per litre.
According to the notification, new prices will be applicable from 12 midnight. In its summary forwarded to the Petroleum and Finance Ministries, Ogra had recommended a reduction of Rs 1.76 per litre in petrol price, 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.
On March 4, the outgoing government had de-notified an increase in prices of petroleum products by absorbing Petroleum Levy (PL) after which the petrol price was reduced by Rs 3.53 from Rs 106.60 per litre to Rs103.70/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, and did not make any change in LDO price.
The PL was reduced on petrol from Rs10 to Rs6.47 per litre, while the levy on diesel was reduced from Rs 8 to Rs 3.65 per litre. On March 1, the petroleum prices were increased by an average of four per cent, but were subsequently restored to the February 28 level after three days.