Karnataka Government Increases Petrol, Diesel Prices By Rs. 3 With Immediate Effect

The Karnataka government has announced a price hike of petrol and diesel by Rs. 3 per litre with immediate effect. The state government released a gazette notification announcing a revision in sales tax levied on petrol and diesel, which stands at 29.84 per cent and 18.44 per cent respectively.

The Karnataka government has increased prices of petrol and diesel in the state with effect from Saturday, June 15, 2024. The price hike comes after the state government released an official notification indicating a revision in sales tax levied on petroleum products. According to a gazette notification, revised sales tax on petrol and diesel stands at 29.84 per cent and 18.44 per cent respectively.

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With the prices revised, petrol now costs Rs. 102.84 per litre in Bengaluru, up from Rs. 99.84 per litre before. Diesel prices have also increased from 85.93 per litre to Rs. 88.95 per litre, a jump of Rs. 3.02.

The state government emphasised that the sales tax was revised to generate additional revenue.

Fuel prices have remained largely unchanged in the last year after a long spell of volatility. The central government had previously reduced prices by Rs. 2 per litre nationwide in March this year in the wake of the general elections. The Karnataka Finance Department’s decision also comes just hours after the central government reduced windfall tax on domestically produced crude oil from Rs. 5,200 per tonne to Rs. 3,250 per tonne.