Decrease in petrol prices expected from August 1

Following two consecutive increases, the prices of petrol and high-speed diesel (HSD) are expected to decrease by approximately Rs3 and Rs8.50 per liter, respectively, starting August 1 for the next two weeks. This anticipated drop is primarily due to lower international market prices and reduced import premiums.

Sources indicate that international prices for these key products have fallen by about $2 and $3 per barrel, respectively, over the past two weeks.

Based on final calculations and current tax rates, petrol prices are projected to decrease by Rs2.90 per liter, while HSD prices are expected to drop by Rs8.50 per liter.

Officials noted that the average international price of petrol has fallen to $87.50 per barrel from $89.50, and the price of HSD has decreased to $94 from approximately $96.93 in the previous fortnight.