Slight relief for consumers: Petrol price dropped by Rs2.04 per litre
The government announced a reduction in the prices of petrol and high-speed diesel (HSD) by Rs2.04 and Rs6.47 per litre, respectively, for the upcoming fortnight.
According to a notification from the Ministry of Finance, the revised prices for petrol and HSD now stand at Rs281.34 and Rs296.71.
Simultaneously, there was a decrease in the prices of kerosene oil and light-diesel oil by Rs6.05 and Rs9.01 per litre, bringing their new prices to Rs204.98 and Rs180.45, respectively.
Prior to this decision, officials had anticipated a more substantial decline in the prices of petrol and HSD, ranging from Rs8 to Rs10 per litre.
This projection was primarily based on the recent drop in international prices.
However, despite the decrease in global prices for both HSD and petrol over the past two weeks, the rupee experienced depreciation against the dollar in the same period, mitigating the benefit of lower international prices for consumers.
According to officials, the international prices indicated a reduction of about $9 per barrel on average for HSD, decreasing from approximately $113 to $104 during the week.
Similarly, the price of petrol saw a decline of one dollar, moving from $91 to $90. Conversely, the rupee depreciated by Rs6 against the dollar, falling from Rs280 to Rs286.