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New Delhi: Petrol Price Latest Update: With the oscillations in the price of crude oil, there’s good news for the common man. The government of Pakistan has decided to lower the prices of petrol and diesel before the festive season of Ramadan. As per the new order from the Ministry of Finance from Nigam government, diesel price has been decreased by Rs 5.31. However, petrol has seen a decline of only .50 paise which is a negligible mark. Alongside, kerosene price has also dipped by Rs 3.53. Pakistan is experiencing economic hardship and the people are continually requesting the government to pull down the inflation, in this case, this is a good news for the poor.
Petrol Price Update All over India, petrol costs Rs. 255.63 per liter as a result of the new notification that took effect recently and decreased the cost by Rs. 0.50. Additionally, high-speed diesel (HSD) price is now Rs. 258.64 after the decrease of Rs. 5.31 per liter. Furthermore, the new price of kerosene oil is Rs. 168.12 after the decrease of Rs. 3.53 per liter. Taxes on petrol and kerosene are somewher in the region of Rs 76, which consists of the Petroleum Development Levy, which is Rs 60 for every /litre/. Furthermore, both products have an additional charge of Rs 16 /litre/ that acts as both sales tax and customs duty on local and foreign produced goods, while the general sales tax (GST) remains niggling at zero.
What is the price of crude oil?
For some time now, crude oil price has been on the lower side. The price of Brent crude was $73.20 per barrel on February 28. For the year so far, which is from January 1 to February 28, crude oil prices have dropped by 3.60%. Lower prices of crude oil result in lower costs for companies, which they can transfer to the public. However, Indian corporations did not demonstrate such an inclination so far.
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