Petroleum prices to hit three-year high

 Prices of major oil products are set to pass beyond three-year high, with diesel crossing Rs100 per litre mark – highest since November 2014 – amid rising international prices and falling rupee value.

However, the government has the cushion to absorb the estimated increase partly by bringing down the 31 per cent general sales tax rate on high-speed diesel (HSD) in view of its direct psychological impact on inflation and transportation costs, an official explained.

Published in Dawn, 31st January, 2018