The government is expected to reduce petrol and diesel prices today following a decline in international oil prices that has lowered ex-refinery costs for both fuels.
Market estimates show that the ex-refinery price of diesel has fallen by Rs. 31 per litre, while petrol has become cheaper by Rs. 8.54 per litre, paving the way for a possible cut in domestic fuel prices.
Petrol’s ex-refinery price has reportedly dropped from Rs. 277.06 per litre to Rs. 268.52 per litre. However, the expected relief may be partially offset by an increase in customs duty on petrol, which has risen by Rs. 2.86 per litre from Rs. 22.75 to Rs. 25.61.
Despite an increase in petrol premiums in the global market, overall prices remained on a downward trend. Petrol premiums rose by $2.90 per barrel from $17.44 to $20.34, while the overall petrol price declined from $144.57 to $138.08 per barrel.
Diesel posted a steeper drop, with its ex-refinery price falling from Rs. 322.28 per litre to Rs. 291.37 per litre. On the international market, diesel prices also declined sharply, falling by $17.61 per barrel from $169.10 to $151.40.
The government will take the final decision on petroleum prices after consultations between the prime minister and the economic team. Officials are expected to weigh revenue targets before approving the revised rates.
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