On December 29, 2021 the prices of gasoline and diesel are now more expensive. This was decided by the Petroleum Pricing Committee which met the day before.
With this increase, the price of gasoline is now Rs 55.75 per liter, an increase of Rs 5.05 because the previous price was Rs 50.70.
The diesel price has been increased from Rs 37.30 to Rs 41.00 per liter, which is Rs 3.70 more.
According to the State Trading Corporation (STC) statement, the decision was taken after checking the calculation of retail prices of both fuels as per Regulation 8 of the Consumer Protection (Control of Price of Petroleum Products) Regulations 2011 (as amended), and approved that the retail prices be increased by a maximum of 10%.
The Petroleum Pricing Committee notes that at its last meeting, the Price Stabilization Account maintained the status quo.
However, the international price has continued to rise and with the exchange rate, the increase should have been higher. But the regulations stipulate that the maximum applicable increase should not exceed 10%.
A decision that surprised both consumers and managers of gas stations.
