Petrol price expected to drop from Aug 01

July 29, 2024 (MLN): Petrol prices are expected to drop by Rs5.5 per litre following a decline in international rates, price estimates up to July 29, 2024 show.

The reduction would be the first after two consecutive increases, and would bring the petrol price down to Rs270.1 per litre.

Price estimates indicate the ex-refinery price of petroleum has fallen to Rs185.8 compared to the previous fortnight's Rs191.3 per litre.

The government is also expected to cut the price of high-speed diesel (HSD) by around Rs11.1 per litre due to a decrease in its international price.

It is important to note that there are still two sessions left for the next pricing update; thus, the final prices will depend on global market movements and the exchange rate.

The government will announce the new prices at midnight on July 31, 2024, which will remain in effect for the first half of August.

To recall, in the last fortnight, the government increased the price of petrol by Rs9.99 to Rs275.6 per litre.

Similarly, the price of High-Speed Diesel (HSD) was raised by Rs6.18 per litre to Rs283.63.

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