An additional setback for the average man is predicted on October 16, when the price of motor petrol (petrol) is slated to rise by Rs7 per litre and the price of high-speed diesel (HSD) is expected to rise by Rs10 per litre, both effective on that day.
By analysing data from the first ten days of trading, we were able to compute a large increase in the price of both commodities. According to industry sources, the price of refined products has grown from $79 to $91 a barrel since the beginning of October.
The administration may not be able to reduce the higher POL costs at this time because the government is committed to implementing the IMF programme and is now in discussions with the IMF, according to media sources.
Customers have already seen a Rs 9 per litre increase in petrol and a Rs 7.01 per litre increase in high-speed diesel, both of which will be passed on to them by the government on September 16. Both of these price increases will take effect on September 16 and will be passed on to consumers by the government as well.
The MS price was raised by Rs5 per litre, bringing the total price to Rs 123.30 per litre, while the HSD price was raised by Rs5 per litre, bringing the total price to Rs 120.04 per litre.It also increased the price of motor petrol by Rs4 per litre, bringing it to Rs127.30 per litre, and the price of high-speed diesel by Rs2 per litre, bringing it to Rs122.05 per litre, all with effect from October 1, 2018.
Furthermore, if the government increases POL prices by any amount beginning on October 16, as is planned, it will be the third time in a row that POL prices have been raised by the government.