Petrol prices likely to drop further by Rs4 per litre

May 23, 2024 (MLN): The government is likely to announce further relief in fuel prices for the population, with the price of petrol likely to be reduced by another Rs4 per litre for the first half of June 2024, in line with the decline in international prices.

Price estimates till May 23, 2024 (Thursday), indicate international petroleum product prices have fallen by $1.68 compared to the last fortnight to stand at $96.19.

The expected cut would mark the third consecutive reduction in fuel prices in the country, taking the total reductions to Rs24.85 per litre.

Read: Govt cuts petrol price by Rs15.4 per litre

Following petrol, diesel prices in the international market have also dropped by 83 cents compared to the last fortnight to $98.40.

As a result, it is expected that the government will reduce the price of high-speed diesel (HSD) by around Rs3.5 per litre.

To recall, in the last fortnight, domestic diesel was reduced for the second consecutive time by Rs7.88 to Rs274.08 per litre.

It is important to note that there are still six 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 May 31, 2024, which will remain in effect for the first half of June.

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