The prices of petrol and diesel are expected to drop by up to Rs6 per litre starting September 1, offering some relief to inflation-weary consumers.
According to local media, citing government sources, the prices of petroleum products are expected to decrease following a reduction in global oil prices by $2 to $2.30 per barrel.
Considering exchange rates and current tax rates, the price of petrol and diesel is projected to decrease by Rs5 to Rs5.50 per litre. If the government implements the expected price cut, petrol will drop to Rs254 per litre.
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The average global price for petrol is currently around $80.40 per barrel, down from $82.50, and diesel has decreased to about $88 per barrel from $90.30.
Furthermore, the premium on petrol has been reduced by 50 cents per barrel to $8.50, while the diesel premium remains at $5 per barrel. The local currency has strengthened by 25 cents against the US dollar in the past two weeks.
Currently, petrol is priced at Rs 260.96 per litre, while diesel costs Rs 266.07 per litre.On August 14, the government lowered petrol prices by Rs 8.47 per litre and diesel prices by Rs 6.70 per litre. Over the last two reviews, the total reduction in petrol prices has exceeded Rs 17 per litre.
