Petrol price reduced by Rs1.60 per litre, diesel rate increased by Rs1.64

The government has announced revised prices of petroleum products for October 23, with petrol becoming cheaper by Rs1.60 per litre

The government has announced revised prices of petroleum products for October 23, with petrol becoming cheaper by Rs1.60 per litre while the price of high-speed diesel has increased by Rs1.64 per litre.

According to the notification issued in this regard, the new price of petrol has been fixed at Rs377.71 per litre, while diesel will now be available at Rs391.75 per litre. The revised rates will remain applicable for one day, October 23, according to the notification.

The latest adjustment brings a slight reduction in the price of petrol but an increase in the cost of diesel, resulting in different impacts on consumers and sectors that rely heavily on the two fuels.

Petrol price reduced

Under the revised pricing mechanism, the price of petrol has been reduced by Rs1.60 per litre. Following the reduction, its new price stands at Rs377.71 per litre.

Petrol is widely used by motorcyclists, private car owners and other commuters across the country. Any change in its price can affect daily travel expenses, particularly for people who depend on personal vehicles for commuting to workplaces, educational institutions and other destinations.

The reduction may provide limited relief to petrol consumers, although the overall cost of transportation and other essential expenses remains a concern for households facing high living costs.

Diesel becomes more expensive

In contrast, the price of high-speed diesel has been increased by Rs1.64 per litre, taking its new rate to Rs391.75 per litre.

Diesel is extensively used by heavy transport vehicles, buses, trucks, agricultural machinery and other commercial vehicles. Changes in its price can influence operating expenses for transporters, farmers and businesses that depend on diesel-powered equipment.

An increase in diesel prices may also place additional pressure on freight and public transportation costs. If transport operators pass on higher fuel expenses to consumers, the increase could contribute to higher prices for goods and services. However, any resulting change in transport fares or commodity prices would depend on separate decisions and market conditions.

New rates applicable on October 23

The notification specifies that the revised prices of petrol and diesel will be applicable on October 23. Under the announced rates, petrol will cost Rs377.71 per litre after a reduction of Rs1.60, while diesel will be sold at Rs391.75 per litre following an increase of Rs1.64 per litre.

The latest announcement reflects a mixed adjustment in petroleum prices, offering a small reduction for petrol users while increasing expenses for diesel consumers.

Petroleum prices remain an important concern for households, businesses and the transport sector because fuel costs influence commuting expenses, commercial operations and the movement of goods across the country.

Consumers and transport operators will therefore be watching for further announcements regarding petroleum prices and any subsequent adjustments to the rates applicable after October 23.

The notification provides the revised per-litre prices for the specified day. No additional details regarding the reasons behind the latest adjustments were included in the information provided.