The administration has agreed to maintain petroleum product prices the same until April 15. Petroleum product prices will stay unchanged from April 1 forward, according to a statement released by the Finance Division.
The notification said “As per [the] decision of the Prime Minister in the fortnightly review on 28th February, the petroleum product prices will remain unchanged. Subsequently, Government will bear the additional burden of Rupees 33 billion for the fortnight (1-15 April, 2022) to keep the prices at the existing level”.
Petrol is currently priced at Rs. 149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs. 144.15, Rs. 125.56, and Rs. 118.31 per liter, respectively.
Following an increase in worldwide market prices at the time, the government approved a record-breaking Rs. 12.03 per liter hike for petrol on February 15.
Later, on February 28, during the following fortnightly review of POL prices, the government decreased rates by a flat Rs. 10 per liter, taking into account the country’s economic circumstances and worldwide challenges.
On Thursday, global oil futures dipped below $110 a barrel as the US considered releasing 180 million barrels from its Strategic Petroleum Reserve, the largest release in the reserve’s 50-year existence.
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