Petrol prices shoot up by 8.9% to new record high

The government late on Wednesday hiked the price of petroleum products by a whopping 8.9% to bring them in line with the new prices of a US dollar as per requirements of the International Monetary Fund.

According to a late night notification issued by the Finance Division, the new prices will be effective from February 16.

Petrol, used by small passenger vehicles and in domestic generators, saw the biggest rise of around Rs22.20 per liter to jump from Rs249.80 to a record high of Rs272 per liter.

The prices of high-speed diesel (HSD) also rose by 6.54%, up by Rs17.20 to a new high of Rs280 per liter.

HSD is primarily used in transport and cargo vehicles and is the fuel that arguably drives the national supply chain for all kinds of products apart from being a key fuel for mechanized agriculture.

Kerosene oil, which is used for cooking, saw the second highest rise in prices terms of percentage, rising by 6.79% or Rs12.90 to Rs202.73 per liter.

After a modest increase of Rs9.68, light diesel will now be available for Rs196.68.

The prices of petroleum products have been increased owing to a dip in the value of rupee against dollar.