Petrol prices likely to fall by over Rs5 per litre

May 29, 2024 (MLN): The government is likely to cut the price of petrol by another Rs5.3 per litre for the first half of June 2024, providing a major relief to the masses grappling with one of Asia's highest inflation.

The expected cut is in line with the decline in international prices.

Price estimates till May 28, 2024 (Tuesday) indicate that international petroleum product prices have eased, with the ex-refinery price of petrol now standing at about Rs184.59 per litre, down from Rs189.86 per litre in the previous fortnight.

The expected cut would mark the third consecutive reduction in fuel prices in the country, taking the cumulative decline to over Rs26 per litre.

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

The government is also expected to cut the price of high-speed diesel (HSD) by around Rs4.1 per litre due to a drop in its international price.

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

It is important to note that there are still three 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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