Expected hike in petrol prices starting on March 1st

                                                              

 

In reaction in an increase in power costs, the government has prepared to possibly hike the price of petroleum items.

 
It is reported that plans to increase the cost of petroleum-based products have been done, and that the implementation date is set for March 1. Prices for fuel are expected to increase by Rs. 4.50 per liter, while those for diesel are predicted to climb by Rs. 2.50 per liter.


The price of both fuel and diesel might rise significantly, by as much as Rs. 9 per liter.

Moreover, there have been proposals to maintain the current pricing of light diesel oil, but there is a chance that the cost of kerosene oil might increase by Rs. 2.92 per liter.

It says that by February 29th, a request to raise the price of petroleum products would be sent to the Ministry of Petroleum. The new price structure will be revealed after discussions with the Finance Minister. It is expected that the updated rates will be in effect from March 1 through March 15.


This action raises the possibility of adjusting fuel prices to account for shifts in the world oil markets and to guarantee compliance with national economic policies. These changes could, however, have an effect on consumers because higher fuel costs frequently result in greater living and transportation expenses.