According to reliable sources in the industry, there are strong indications of a significant decline in petrol prices during the next fortnightly review. Experts predict a drop of around Rs. 10-12/liter for ex-refinery fuel prices. However, due to adjustments in the exchange rate, the actual decline for consumers is projected to be limited to approximately Rs. 10/liter.
The government is likely to announce the revised prices of petrol and diesel in the upcoming review, as shared by an official. In addition to the expected decrease in petrol prices, diesel prices are also predicted to decline by approximately Rs. 4-5/liter.
In the previous price review, diesel prices saw a reduction from Rs. 288 to Rs. 258/liter, while petrol prices decreased from Rs. 282 to Rs. 270/liter.
Officials have emphasized that global oil prices have recently experienced a slight increase, while the interbank exchange rate has remained stable. The consistent upward trend in oil prices has exerted pressure on the government to address the issue of high end-consumer rates. However, there has been some relief due to a recent drop in global oil prices. It remains to be seen if the government can sustain this positive trend in the future.
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