Industry sources said on Tuesday that the prices of petroleum products are likely to come down by Rs 15 from October 1 due to a sharp fall in POL rates in the international markets.
Sources confirmed that according to the estimates of oil industry experts, the price of diesel may decrease by Rs. 15 while the price of petrol may decrease by Rs. 5 in the next fortnight.
He said that the new price will be calculated on the basis of oil prices in international markets till September 29.
“If the government chooses to maintain the petroleum levy at the current ratio, POL prices will come down,” he added.
Under the agreement with the International Monetary Fund (IMF), the government has to collect a levy on petroleum products.
According to the notification issued on September 1, a petroleum levy of 37 rupees 50 paise per liter has been imposed on petrol and 7 rupees 50 paise per liter on diesel.
Current prices of POL.
The government on September 21 increased the price of petrol to Rs 237.43 from Rs 235.98 but kept the price of high speed diesel (HSD) at Rs 247.43.
The price of kerosene was reduced by Rs 8.30 from Rs 210.32 to Rs 202.02 and the price of light diesel oil was reduced by Rs 4.26 from Rs 201.54 to Rs 197.28.
