After recent crude oil price increases, the government is expected to lower fuel prices from August 1, 2024, for the next two weeks.
According to reports, petrol prices may decrease by Rs. 5.50 per liter, and high-speed diesel (HSD) could drop by Rs. 11.06 per liter. Kerosene oil and light diesel oil (LDO) prices are also expected to decrease by Rs. 5.84 and Rs. 5.07 per liter, respectively.
New Fuel Prices
- Petrol: Rs. 270.10 per liter (down from Rs. 275.60)
- HSD: Rs. 272.57 per liter (down from Rs. 283.63)
- Kerosene oil: Rs. 177.87 per liter (down from Rs. 183.71)
- LDO: Rs. 161 per liter (down from Rs. 166.25)
International Oil Prices
Industry sources report a decline in international prices of petrol and HSD by around $2 to $3 per barrel over the last fourteen days.
Petroleum Levy Impact
However, a potential Rs. 5 per liter increase in the petroleum levy could reduce the expected relief, possibly lowering petrol prices by only Rs. 0.50 per liter and diesel prices by Rs. 6.06 per liter.
In the previous two-week periods ending on July 31, petrol prices rose by Rs. 17.44 per liter, and diesel prices increased by Rs. 15.74 per liter.