The Petroleum Pricing Committee (PPC), which met this Friday, May 24, recommended that the prices of gasoline and diesel remain unchanged. The price of gasoline therefore remains at Rs 66.20 per liter and that of diesel Rs 63.95.
In a statement issued early in the evening, the State Trading Corporation explains that the PPC took note of the evolution of world prices of Mogas and Gas Oil and examined the deficit of 4.3 billion rupees in the Stabilization Account Gas Oil Prices (CSP).
Based on the new benchmark price of USD 858.08 per metric ton for gasoline, i.e. actual prices from March to May 2024 and future prices from June to August 2024 with a rate of exchange rate of Rs 46.84/USD, the new retail price stands at Rs 69.66 per liter, an increase of 5.22%. Since the CSP for gasoline shows a positive rating, the retail price is maintained at its current level in accordance with Regulation 5 (1).
Diesel
Using the new benchmark price of USD 96.70 per barrel, i.e. actual prices from March to May 2024 and future prices from June to August 2024 with an exchange rate of Rs 46.84/ USD, the retail price of Gas Oil stands at Rs 57.51 per litre. However, given that the Gas Oil CSP is in deficit of approximately Rs 4.3 billion and in accordance with Regulation 5 (2) which states that “subject to funds available in the CSP, the retail price of a petroleum product must be reduced,” the retail price of Gas Oil is maintained at Rs 63.95 per liter, explains the STC.
