A major decrease in fuel prices is expected to take effect from May 16, as the government gears up to implement significant adjustments. According to informed sources, petrol prices may decrease by up to Rs14 per liter, while diesel rates could see a potential decline of Rs10 per liter.
If approved, this move would mark the second consecutive decrease in fuel prices this month. Earlier in May, petrol and diesel experienced cuts of Rs5.45 and Rs8.42 per liter, respectively. With this impending reduction, petrol and diesel prices could potentially reach around Rs274 and Rs271 per liter, respectively.
The decision to lower fuel prices hinges on recent international trade data regarding petroleum products. Sources attribute the expected relief to crude oil trading at $82.5 per barrel.
Despite the positive outlook, final confirmation and implementation of the price adjustment await approval from the prime minister. The anticipated reduction in petrol prices could stimulate increased consumption of petroleum products from May 16, with hopes to curb smuggling from neighboring countries.
As consumers eagerly await further updates, the potential drop in petrol prices offers a glimmer of hope in the ongoing battle against inflation.
