Prices of petrol Octane 92, 95 and Super Diesel were revised as scheduled from midnight yesterday. The Fuel Pricing Formula Committee which met yesterday decided to increase Octane 92 to Rs 155 from Rs.149, Octane 95 to Rs.169 from Rs.161and Super Diesel from Rs.133 to Rs.141. Auto diesel prices remain unchanged at Rs.123.
The Finance and Mass Media Ministry in a press release yesterday explained that though diesel was scheduled to be increased by Rs 11, the Committee took into account its impact on the fishing and other vulnerable communities and thus chose to keep prices unchanged.
Crude oil prices which stood at USD 75 per barrel on September 10, at the time of the last increase, has now risen to USD 84 per barrel.The fuel pricing formula was introduced on May 9 of this year to reflect the price fluctuations of crude oil in the international market and the foreign exchange fluctuations in the country.
Prices are scheduled to be amended on the tenth of every month, by a committee consisting of five persons which includes; the Deputy Secretary of the Treasury (Chair), a representative of the President, a representative of the Prime Minister and a representative from the Petroleum Resources Development Ministry.
anka Indian Oil Company, Managing Director, Shyam Bohra told the Daily News they will decide on the increases to their prices once they receive the official communique. The LIOC committee was set to meet last night to decide their revisions.