The government is poised to lower fuel prices once again, with petrol prices anticipated to decrease by Rs4 per liter for the first half of June 2024. This follows a recent decline in international prices.
By May 23, 2024, international petroleum product prices had dropped by $1.68, reducing the price to $96.19 per barrel. If confirmed, this would mark the third consecutive reduction in fuel prices, cumulatively lowering the cost by Rs24.85 per liter. Additionally, international diesel prices have fallen by 83 cents to $98.40 per barrel.
In line with these trends, the government is also expected to cut the price of high-speed diesel (HSD) by about Rs3.5 per liter. Recently, domestic diesel prices were reduced for the second consecutive time by Rs7.88, bringing the current price to Rs274.08 per liter.
With six sessions remaining before the next pricing update, the final prices will depend on global market trends and the exchange rate. The new fuel prices will be announced at midnight on May 31, 2024, and will be effective for the first half of June.
