Karnataka government implements Rs 3 per litre hike in petrol and diesel prices

In a significant move, the state government has announced an increase in petrol and diesel prices, sparking widespread concern among motorists. Following the conclusion of the 2024 Lok Sabha elections, an official order has been issued, raising the prices of petrol and diesel by Rs 3 per litre. This sudden hike is attributed to an increase in the retail sales tax rates.

Also read: Indian government’s firm foreign policy ensures petrol price stability 

Effective from midnight, the new prices will see petrol costing Rs 103.89 per litre, up from Rs 99.84, while diesel will rise to Rs 88.90 per litre from the previous Rs 85.56. The retail sales tax on petrol has escalated from 25.92% to 29.84%, and for diesel, it has surged from 14.34% to 18.44%. Consequently, the price of petrol has increased by 3.9%, and diesel by 4.1%.

The hike is expected to have a cascading effect on the cost of daily commodities, given the crucial role of fuel in transportation and logistics. This increase is anticipated to lead to a rise in the overall prices of goods and services, further straining household budgets.

The announcement has left citizens reeling, with many expressing concern over the financial burden this price hike will impose. As the changes take effect, all eyes remain on the evolving economic impact of this decision.