In a significant move to alleviate the burden of soaring inflation, the government is anticipated to reduce petrol prices by Rs5.3 per litre for the first half of June 2024.
This expected decrease aligns with the recent decline in international petroleum prices, offering much-needed relief to the public.
As of May 28, 2024, international price trends have shown a decrease, resulting in the ex-refinery price of petrol dropping to approximately Rs184.59 per litre from Rs189.86 per litre in the previous two weeks. This forthcoming reduction will mark the third consecutive cut in fuel prices, accumulating a total decrease of over Rs26 per litre.
In addition to petrol, the price of high-speed diesel (HSD) is also expected to fall by around Rs4.1 per litre, reflecting a similar downward trend in its international price. This follows the recent reduction in diesel prices, where a second consecutive cut saw a drop of Rs7.88, bringing the price to Rs274.08 per litre.
However, it is crucial to note that three more trading sessions remain before the final pricing update, meaning the ultimate prices could still be influenced by fluctuations in global markets and exchange rates.
The government will announce the new fuel prices at midnight on May 31, 2024, which will then be effective for the first half of June. This development is poised to offer substantial financial relief to consumers, amidst one of the highest inflation rates in Asia.
