No change in petrol prices as tax rates raised

The decision to increase the rates of petroleum levy and GST was taken in line with commitments given to the International Monetary Fund, otherwise the prices should have gone down by Rs8-9 per litre in line with decline in international prices. A part of this reduction was consumed by exchange rate loss while the government absorbed about Rs6 per litre reduction through combined increase in petroleum levy and GST rates. A straight increase of Rs4 per litre on petrol and high speed diesel (HSD) was affected through increase in petroleum levy of about Rs2 per liter and through GST.