The government on Saturday reduced petrol price by Rs1.57/litre and diesel by Re0.84/litre, while kerosene and light diesel oil prices have been kept unchanged for the next fortnight.
After the latest decision, the petrol price will come down from the earlier Rs103.97/liter to Rs102.40/ liter. Diesel price was also reduced from Rs104.06/litre to Rs103.22 per liter.
Kerosene and LDO prices have been kept unchanged at Rs65.29 and Rs62.86/litre respectively.
The government is charging 17 percent general sales tax (GST) on all petroleum products. The government is also collecting petroleum levy on these products.
Interestingly, crude oil prices fell consecutively for a third straight day on Friday, as Europe’s major economies placed fresh curbs on business and people to stop the spread of COVID-19.
Germany and France have put curbs, leading to wider lockdowns in Europe. Experts say that it seems that oil may face the worst situation like March 2020.
