Diesel price cut, petrol steady as govt raises freight margin
For the third time in two months, the government on Thursday did not pass on the full impact of lower international oil prices to consumers and kept the price of petrol unchanged and reduced that of high-speed diesel by Rs2 per litre for the current fortnight ending May 31. The government increased the Inland Freight Equalisation Margin (IFEM) on both petrol and diesel to clear about Rs34 billion loss to the oil industry owing to a tax loophole in the Finance Bill 2024-25. In a late-night announcement, the Ministry of Finance said the Oil and Gas Regulatory Authority (Ogra) had reviewed and adjusted prices for petroleum products in view of the fluctuations in the international market. The ex-depot price of high-speed diesel was reduced by Rs2 per litre to Rs254.64 per litre for the current fortnight from Rs256.64.